Addressing the World Economic Forum in Davos during the panel discussion “Europe’s Twin Challenges: Growth and Stability”, Prime Minister Laimdota Straujuma emphasized that Europe’s economic growth is a must for stability.

“Stable growth is Europe’s guardian angel”, said Straujuma to participants of the Forum. She also admitted that a balance between growth and social security is the feature that is an integral part of Europe.

Prime Minister presented Latvia’s experience in overcoming the economic crisis, during which we had to think about the implementation of painful structural reforms, while thinking about social security of people. “The whole of society accepted with understanding the need to implement these reforms. The common denominator was reached among the politicians of Latvia, social partners, entrepreneurs and local governments. Latvia managed to accomplish it, and now we are going ahead,” admitted the Prime Minister.

But all this is not enough to guarantee further successful growth of Europe. “Structural reforms still need to be continued in the EU Member States. They should be decisive and fast – speed is one of the key elements to attract investors,” expressed confidence the Prime Minister of Latvia.

Straujuma drew attention of participants to two key prerequisites for economic growth of Europe – investment in entrepreneurship and further liberalization of international trade. To ensure economic growth, Europe also needs stable trade partners all around the world, thus support further negotiations on the EU free trade agreements with Canada, U.S., and Japan.

Traditionally, the World Economic Forum is attended by business leaders, representatives of academic circles, Heads of State and Government, heads of international organizations.

President of the World Economic Forum Klaus Schwab was interested in the objectives of Latvia’s Presidency of the Council of the European Union and the vision regarding economic growth of Europe. More attention was devoted to the presidency’s priority about digital Europe, which aims at establishing a Digital Single Market that is also one of the instruments to promote competitiveness.

Photo: Aiva Rozenberga/State Chancellery
Latvian Institute, 05.02.2015, Politics