Latvia can recover from its current economic torpor and thrive once again, according to the country's finance minister.
Speaking to Business New Europe, Einars Repse explained that the nation still has a lot to offer and should not be too dispirited by events.
"We can do it again. Latvia still has many bright, hard-working people. Perhaps we have been lacking proper political guidance," he said.
As well as continuing to focus on traditional industries such as timber and forestry, it should also look to new areas such as medical services and organic food, Mr Repse added.
However, in the short-term, economic measures will have to focus on austerity and budget cuts, he stated.
Recently, Reuters reported that Latvian prime minister Valdis Dombrovskis has denied the country is planning to devalue its currency.
Speaking to LNT Television, he claimed that a devaluation of the lat was not part of discussions with the International Monetary Fund.
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