IMD World Competitiveness Booklet 2022

Competitiveness Country Profiles

Latvia Competitiveness Trends – Overall

OVERALL PERFORMANCE (63 countries)

BASIC FACTS

Rank

2018

2019

2020

2021

2022

Capital Land area (square km '000)

Riga

65 2021

35

0.845 2021

38

Exchange Rate (per $)

40

40

41

1.89 2021 58 38.9 2021 58 34,707 2021 41 4.8 2021 36 3.24 2021 37 7.90 2021 47 0.93 2021 58 -2.66 2021 50 20.5 2020 60 2.81 2020 19

Population - market size (millions)

Gross Domestic Product (GDP) (US$ billions)

CHALLENGES IN 2022

GDP (PPP) per capita (US$)

• The impact of the geopolitical situation related to Russia's aggression in Ukraine. • Increase in prices and inflation. • The elections of Parliament of Latvia and formation of a new government. • The impact of possible new waves of COVID-19 pandemics. • The impact of migration on the social sector and labour market.

Real GDP growth (%)

Consumer price inflation (%)

Unemployment rate (%)

Labor force (millions)

Current account balance (% of GDP)

Direct investment stocks inward ($bn)

Direct investment flows inward (% of GDP)

PROVIDED BY: University of Latvia Centre for European and Transition Studies, LU CETS

COMPETITIVENESS LANDSCAPE

Economic Performance Government Efficiency

Business Efficiency

Infrastructure

Domestic Economy

International Trade

International Investment Employment Prices

Public Finance Tax Policy

Institutional Framework Business Legislation

Societal Framework

Productivity & Efficiency Labor Market Finance

Management Practices

Attitudes and Values

Basic Infrastructure

Technological Infrastructure Scientific Infrastructure

Health and Environment Education

21 18

24

25

26 29

32

32

34 31

34 35 36

36

40

49

50

53

53

59

PEER GROUPS RANKINGS EUROPE - MIDDLE EAST - AFRICA (40 countries)

POPULATIONS < 20 MILLION (36 countries)

2018

2019

2020

2021

2022

2018

2019

2020

2021

2022

23

22

25

24

24

27

27

27

25

25

85