Latvia is experiencing the deepest economic recession in the European Union. The republic"s GDP declined in the past year by 18%, while unemployment has risen to "record" in the EU level - 21%, the agency reported Prime-TASS referring to the publication in the Financial Times.

Unlike most European countries, the dire predictions and expectations with regard to the current global economic slowdown in Latvia to implement fully, the paper says. Difficult economic situation in this country, as noted in the publication, forced many of its residents in a different way to look at the last two decades of its independent existence.

"In Soviet times, the store was empty. Now they are full of products, but what"s the point if you can not ae7ffford to buy them," - said one of the local residents Talis Suls.

However, analysts said the agency Moody"s, Latvia has already reached a bottom. "The Latvian economy is showing signs of stabilization", - said the representative of the agency, Kenneth Orchard. He did not rule out that in the near future evaluation of the prospects for Latvia"s credit rating may be raised from the current "negative" to "stable".

The result is destructive for the country"s economic crisis, Riga was forced to apply for emergency financial assistance to the International Monetary Fund. However, in recent weeks started receiving signals of a gradual improvement of the macroeconomic situation of the country. Thus, in the national financial system dropped sharply percentage of interbank lending, government bond yields fell.

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