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Riga mayor Nils Usakovs (left) and Latvia’s prime minister, Valdis Dombrovskis of the Unity bloc: election reduces political risk |
Latvia’s prime minister, Valdis Dombrovskis, and his coalition partners scored a stunning victory in October’s general election, securing 63 out of the 100 seats in parliament and transforming the incumbent minority administration into one with a good working majority. The election result paves the way for the Latvian economy to continue its recovery from a biting recession, during which GDP has plunged by almost a third in the past three years.
But one of the sharpest downturns in modern economic history looks set to be over by the end of the year.
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