The Latvian economy has begun to feel the effects of the global economic crisis. According to Al Jazeera, the retail and property sectors are hard it. In the property sector, prices have fallen 40%. This slowing of spending has put a damper on hopes of a soft landing. The video shows how small businesses may be forced to close because of economic pressures. Ordinarily, businesses and government would focus strategy on targeting Asia if the West was performing poorly. Yet both are struggling with the effects of the recession. Al Jazeera alludes to robust Nordic Banks whose strength has helped to prop up the economy.
Latvian Economy Struggling