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Tuesday 26.09.2017 | Name days: Kurts, Knuts, Gundars
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Economist: Latvia’s population could drop to 1.7 million in 2060

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Martins Kazaks

If the current demographic tendencies continue, Latvia will have only 1.7 million people in 2060, Swedbank economist Martins Kazaks believes.

Compared with the current situation, it would mean a drop of one-fourth of Latvia’s population, the economist said in an interview to 900 seconds programme of LNT. He added that the demographic problem is very serious in Latvia.

So far, Latvia has been hit by low birth rates and rapid immigration. The more negative these tendencies become, the lower the economic growth becomes, the economist predicts.

By not performing reforms that would base the country’s economy on the sphere of taxes, for example, demographic problems will become more serious, society will age even more. This will affect the making of political decisions – the will be made with a shorter growth perspective. For example, if there is a choice to vote either for child benefits or pensions, the older society will most likely vote for pensions, Kazaks says.

He believes it to be important to increase the tax-free allowance, compensating it with higher real-estate tax. It is also important to support children, because the largest poverty risk is related to families with many children and incomplete families.

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