The University of Latvia will study the impact of the COVID-19 pandemic on the Latvian economy

Within the framework of the State Research Program the Latvian Science Council will finance the research project of the University of Latvia (UL) “Economic, Political and Legal Framework for Preserving the Potential of the Latvian Economy and Promoting Competitiveness Growth after a Pandemic Crisis (reCOVery-LV)". The project manager is LU professor Inna Šteinbuka.

“We are aware of how vital it is now to combine the analytical conclusions of researchers with the practical experience of the state, local governments and NGOs, so that the Latvian economy not only retains future development potential, but also finds appropriate and effective tools for breaking the national economy. We plan to complete the project before Christmas, so we start working before the project is approved” emphasizes prof. Inna Steinbuka.

An interdisciplinary team of researchers from the University of Latvia, the Latvian Academy of Sciences, the Latvia University of Agriculture, Riga Stradiņš University and Riga Technical University will be involved in the development of the project.

The aim of the project is to provide a comprehensive and multidisciplinary assessment of the impact of the COVID-19 pandemic on the Latvian economy and to prepare scientifically based and innovative interdisciplinary policy recommendations for better coping with the pandemic’s sustainable economic development. Productivity as a growth driver, more critical export sectors, restructuring of food supply chains, efficiency of the commercial banking system and modernization of infrastructure will be analyzed in depth. The analysis and development of scenarios will take into account the microeconomic (enterprise) and macroeconomic (national) levels, as well as regional, sociological and legal aspects. Processes that have the potential to cause structural and institutional changes in the Latvian economy will be monitored. International political developments that have the potential to affect international trade, investment and labor flows will also be assessed.

At the end of the project, an objective assessment of the current policy to reduce the losses caused by the pandemic will be published, future scenarios of Latvia’s economic development will be developed, taking into account the dynamics of social, fiscal and regional factors, as well as international policy trends. Project implementers will provide the government with scientifically sound and applicable policy recommendations.

Additional information:
Liene Bērziņa,
Public relations specialist
University of Latvia, Faculty of Business, Management and Economics
Mob. phone: +371 29838689