The promising economy of Latvia
Although Latvia’s economy is quite small compared to others, it has an open economy that accounts to a fraction of its GDP. Between the year 2006 and 2007, Laos’ economy experienced a 10 percent growth in GDP. However, the country suffered a recession in 2008 because of global financial crisis. However, Latvia’s economy recovered in 2011 as a result of domestic consumption to exports. In fact, the 2011 statistics revealed that Laos was doing better than its neighboring countries as its GDP grew 5.5%.
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