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PM sets sustainable economic growth target of 4-5 pct of GDP for Latvia

Xinhua, December 2, 2016 Adjust font size:

The main goal of the Latvian government remains unchanged -- achieve sustainable economic growth -- Prime Minister Maris Kucinskis said in his report to lawmakers on Thursday, saying the annual gross domestic product (GDP) growth target for the next years was four to five percent.

The prime minister said this could be attained by closely following the government's declaration, for instance, on the creation of a competitive business environment, ensuring investment-friendly conditions and developing strategic investment segments.

Kucinskis admitted in his report to parliament that, along with positive indicators from experts and entrepreneurs, concerns were increasing about possible economic stagnation or even a fresh crisis that might also hit Latvia.

The anxiety is caused by the prevalent sense of uncertainty and expectations of change in Europe and elsewhere in the world, Kucinskis said. In his words, these worries are mostly associated with Britain's decision to leave the European Union (EU), the outcome of the U.S. presidential election, a wave of populism in EU member states, local military conflicts in the world, and migration crisis.

"Uncertainty is currently the most frequently used word as soon as someone starts discussing economic growth," the Latvian prime minister said, noting that this did not make the government's work any easier.

Urging lawmakers to work on improving the business environment, Kucinskis proposed considering a regulation that would allow entrepreneurs to pay their taxes not only in euros, but also in other currencies.

"Why not let entrepreneurs pay taxes not only in euros but also in other currencies? I do not see any problems with that," the Latvian prime minister said.

He also said that after the Brexit referendum, there were predictions that many UK-registered businesses might want to move to other EU member states. Endit