According to Trading Economics global macro models and analysts, GDP per capita in Latvia is anticipated to reach 16100.00 USD by the end of 2021. According to our econometric models, Latvia’s GDP per capita is expected to rise to roughly 16700.00 USD in 2022.
Is Latvia a wealthy country?
Latvia has been classified as a high-income country by the World Bank, which annually compiles a list of nations based on their gross national income (GNI) per capita.
The World Bank also uses revised GNI numbers to determine a country’s lending capacity.
According to the World Bank’s most recent statistics, low-income countries have a GNI of $ 1 035 per capita or less, average low income is $ 1036 to $ 4 085 per capita, and average high income is $ 4 086 to $ 12 615 per capita. High-income countries have a GNI of at least $ 12 616 per capita.
Latvia’s GNI per capita is $14 180, according to the bank’s figures. This places the country at number 66 on the list. Lithuania’s Gross National Income (GNI) per capita is $ 13 850. (67th place).
Monaco, Lichtenstein, and the Bermudas have the highest GNI values, which typically surpass $ 100 000.
The Democratic Republic of Congo has the lowest GNI of any of the countries surveyed by the World Bank, with only $ 220 per capita.
What is Latvia’s primary revenue source?
The small, open economy of Latvia is mainly reliant on exports. Timber and wood processing, agriculture and food goods, as well as the industrial manufacturing and electronics industries, are all well-developed.
Why is Latvia so impoverished?
RIGA, LETANES Poverty in Latvia is the outcome of a traumatized past and a lack of therapy as a result of the country’s lengthy history of political violence, persecution, and war exposure. With the fall of the Soviet Union in 1990, Latvia’s population peaked at 2.6 million people. For the first time, Latvians were able to travel freely internationally, and mass exodus marked the start of the country’s descent into poverty.
The relative insecurity of the country’s transition from communism to capitalism resulted in a mass departure of educated Latvians and a considerable number of men turning to drink, dangerous behavior, and suicide. Many factories are idle, and there are few highly skilled workers, with an average annual wage of USD$14,600. A large number of children have been abandoned by their parents.
Latvia joined the European Union in 2004 with the goal of assisting the country’s transition to a more sustainable form of capitalism. The global financial crisis of 2008 wreaked havoc on the Latvian economy, slashing GDP by 18%. With record emigration, Latvia has a high rate of suicide, with men accounting for 80% of the deaths. Latvia has a population imbalance and a tiny workforce.
Latvia’s birth rate has plummeted, and the country’s population is shrinking. In February 2016, there were 1,692 births and 2,463 deaths. Emigration has increased to 40,000 individuals each year, and the population is expected to decline from 1.9 million to 1.3 million by 2030.
Educated single women who chose to stay unmarried, work, and care for their children have weathered the change. Poverty in Latvia is a significant concern for government officials, with so few people working and such high unemployment rates.
The Latvian government is enticing expats to come home by offering student loan programs and civil service employment. So yet, no Latvians living in the United Kingdom, Ireland, or Germany have returned home.
In Latvia, psychological study has found a link between poverty and the country’s long history of tyranny. There was no recognition of trauma or stress-related problems before to independence, and research into PTSD and other disorders was not available until 2008. Furthermore, it is well established that psychiatry was used as a tool of oppression in the Soviet Union to prosecute those who challenged the regime.
Vidner and Nucho conducted two large-scale investigations in Latvia on the long-term impact of political oppression and long-term displacement, which found long-term trauma from persecution and constraints, as well as health and mental health difficulties associated to political violence. Flashbacks were recorded by 50% of Latvians today, while nightmares were reported by 33%. Adults in rural Latvia had greater rates of aggression towards children and alcohol consumption, according to studies.
The impact of childhood problems on young people aged 18-25 was investigated in a 2014 study based on a group of 10,696 adults from Latvia and Lithuania. According to this study, 50 percent of young people had traumatic experiences as youngsters, which functioned as predictors of serious mental health problems in adulthood. Given the dates of these studies, it’s possible that these are the same children who are now departing their nation for a better life, without having received treatment for what happened in their youth.
Future research in the Baltic region must focus on trauma in order to establish techniques for targeted therapy. In a country still transitioning from authoritarian rule to economic independence, Latvia’s government must endeavor to identify the issues that are driving its citizens into poverty or out of the country.
What is Latvia’s most important export?
Overview In terms of total exports, Latvia ranked 74th in the world in 2020, while total imports ranked 75th.
Exports Broadcasting Equipment ($794 million), Sawn Wood ($787 million), Wheat ($695 million), Fuel Wood ($557 million), and Packaged Medicaments ($488 million) are Latvia’s top exports, with most of it going to Lithuania ($2.47 billion), Estonia ($1.59 billion), Russia ($1.26 billion), Germany ($1.1 billion), and the United Kingdom ($892 million).
Imports Refined Petroleum ($1.78 billion), Broadcasting Equipment ($747 million), Packaged Medicaments ($640 million), Hard Liquor ($487 million), and Cars ($455 million) are Latvia’s top imports, with Lithuania ($2.95 billion), Russia ($2.82 billion), Germany ($1.68 billion), Poland ($1.65 billion), and Estonia ($1.37 billion) accounting for the majority.
Latvia shares land borders with Belarus, Estonia, Lithuania, and Russia, as well as a maritime border with Sweden.