Latvia in 2003-2008 saw rapid increases in the levels of consumer debt growing at an average annual rate of 80 percent in years 2004-2006 and then slowing to 39 percent and 7 percent in 2007 and 2008. Mortgage debt rose from 8 percent to 31 percent of GDP in 2003-2008 — second in Central Europe only to Estonia at 32 percent in 2008. Such high levels of household debt left the Latvian economy vulnerable to the global financial crisis. By June 2009...
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DETAILS
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2010/04/01
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Working Paper
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111724
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1
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2017/01/06
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Disclosed
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Key findings and recommendations
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consumer protection
Citation
Rutledge, Sue; Montes-Negret,Fernando; Sirtaine,Sophie.
Latvia - Diagnostic review of consumer protection and financial capability (Vol. 1 of 2) : Key findings and recommendations (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/120001483674076118