Baltic Cluster Report: Staff Report for the 2014 Cluster Consultation
IMF Staff Country Reports, May 8, 2014
Source details
- Canonical URL
- Baltic Cluster Report: Staff Report for the 2014 Cluster Consultation
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Bibliographic details
- Published: May 8, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484377741.002
Summary
- Examines common themes and challenges facing the three Baltic countries—Estonia, Latvia, and Lithuania.
- Identifies common features and common challenges across the three economies.
- Discusses policies—both national and joint—that could help address these challenges.
- Notes that the Baltic economies have performed well during the last two decades.
- Observes that the global financial crisis exposed vulnerabilities that had built up in the Baltics, while the postcrisis recovery revealed inherent strengths.
- Concludes that national policies are necessary to address all of the challenges, but collaboration is also important in some areas.
Major themes and areas of focus
- Credit
- Exports and export product mix
- International trade
- Labor: unemployment, skill mismatch, NAIRU estimate
- Labor taxes
- Money and taxation
Key findings (as described in the report)
- The three Baltic economies share common strengths developed over the last two decades.
- The global financial crisis revealed pre-existing vulnerabilities in the Baltics.
- The postcrisis recovery demonstrated inherent strengths in the Baltic economies.
- While national policy action is required for all identified challenges, there are specific areas where cross-country collaboration can add value.
Policy directions and discussions
- The report discusses both national and joint policies that could help address shared challenges in the Baltics.
- Emphasizes the role of national policies while highlighting areas where collaboration among Estonia, Latvia, and Lithuania would be beneficial.