Business Cycle To Pass The Trough In H209

Economic conditions in Latvia continued to deteriorate during Q209, though we believe that following seven straight quarters of rapidly slowing growth, the business cycle is now nearing its nadir. We expect economic conditions to start stabilizing during H209, though still caution that the recovery will look somewhat anemic as the consumer (previously the mainstay of the economy) will not spring back into life over the medium term

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