council opinion februari updat converg programm latvia council european union regard treati establish european commun regard council regul ec juli strengthen surveil budgetari posit surveil coordin econom polici articl thereof regard recommend commiss consult econom financi committe deliv opinion februari council examin updat converg programm latvia cover period decad annual real gdp growth latvia averag growth perform characteris strong product develop recent employ growth high extern imbal left latvia reliant capit inflow foreign debt gdp ratio risen inflat pick mid remain erod extern competit economi pose threat growth macroeconom scenario underli programm envisag real gdp growth eas averag rest programm period assess inform scenario appear base plausibl growth assumpt programm project inflat current account deficit low side programm broadli model structur stabil converg programm code conduct estim gener govern deficit present updat gdp base gdp growth mean slightli lower deficit significantli growth perform foreseen previou programm deficit gdp growth commiss servic autumn forecast estim deficit gdp base gdp growth recent data execut govern budget cash basi outcom put forward updat commiss servic autumn forecast council opinion previou updat adopt march contain polici invit state assess consolid path appropri fiscal posit condit favour develop extern balanc demand pressur economi moder inflat recent peak updat programm aim modest reduct gener govern deficit updat forese gener govern deficit final year primari balanc set decreas percentag point period revenu expenditur gdp ratio plan increas programm period public invest separ identifi quot quot expenditur increas gdp gdp gdp gdp social transfer kind decreas gdp gdp compar previou updat novemb updat broadli confirm plan adjust growth outlook consider stronger base commiss servic calcul basi programm commonli agre methodolog structur balanc cyclic adjust budget balanc net temporari measur plan improv slightli programm period percentag point gdp plan fiscal effort back load concentr year output gap estim neg updat identifi medium term object mto budgetari posit meant stabil growth pact structur deficit quot gdp quot aim achiev posit final year programm period programm mto demand minimum benchmark estim deficit gdp achiev fulfil aim provid safeti margin occurr excess deficit programm mto li rang euro area erm ii member state stabil growth pact code conduct adequ reflect debt ratio averag potenti output growth long term take account risk sustain econom converg highlight ambiti budgetari posit plan budgetari outcom wors project programm growth forecast assum tax elast underli past budget prove cautiou longer necessarili case current programm assum tax elast favour programm refer propos social polici measur increas expenditur decreas project programm view risk assess budgetari stanc programm suffici achiev budgetari posit structur term consid pact end programm period state ambiti strategi set programm desir pace adjust programm mto impli programm slower annual improv structur balanc gdp benchmark higher good econom time stabil growth pact deterior structur balanc impli maintain target outcom significantli stronger expect correspond signific fiscal eas context continu high demand pressur relev stabil risk stabil growth pact quot major structur reform quot verifi impact long term sustain public financ account defin adjust path programm mto allow temporari deviat programm mto programm note ongo pension reform introduct pillar gradual reduc social secur contribut gener govern balanc compar level net cost pension reform estim programm gdp rise progress gdp temporari deviat requir yearli adjust path gdp programm mto structur reform base suffici detail programm signific benefici impact long term sustain public financ adjust take account structur reform fulli line stabil growth pact safeti margin breach gdp deficit refer ensur year programm suggest demand pace adjust programm mto impli programm feasibl earli programm year estim net cost pension reform modest debt ratio estim gdp gdp treati refer debt ratio project decreas slightli programm period gdp effect persist deficit substanti dampen high nomin gdp growth regard sustain public financ latvia appear low risk ground project budgetari cost ag popul low level gross debt project remain refer project period latvia implement pension reform launch contribut significantli budgetari impact ag popul envisag measur area public financ broadli consist broad econom polici guidelin includ integr guidelin period converg programm outlin measur support job growth revenu expenditur structur shift tax burden direct indirect taxat cut transfer make public invest spend prioriti nonetheless greater focu need deliv kei object inflat address extern account imbal increas activ rate promot inclus labour market nation reform programm latvia submit octob context renew lisbon strategi growth job identifi secur macroeconom stabil main challeng implic public financ end strengthen fiscal disciplin budgetari plan procedur plai major role budgetari implic limit number concret reform measur nation reform programm reflect budgetari project converg programm public financ measur envisag converg programm line action foreseen nation reform programm mention converg programm outlin measur support growth employ revenu expenditur structur shift tax burden direct indirect taxat cut transfer make public invest spend prioriti view assess light ensur sustain converg includ reduc extern imbal inflat council invit latvia pursu ambiti budgetari posit plan includ notabl bring forward attain mto set programm maintain programm period avoid pro cyclic fiscal polici quot good time quot comparison kei macroeconom budgetari project note sourc converg programm cp commiss servic autumn econom forecast commiss servic calcul real gdp chang cp nov nov cp dec hicp inflat cp nov nov cp dec output gap potenti gdp cp nov nov cp dec gener govern balanc gdp cp nov nov cp dec primari balanc gdp cp nov nov cp dec cyclic adjust balanc structur balanc gdp cp nov nov cp dec govern gross debt gdp cp nov nov cp dec oj regul amend regul ec oj document refer text found websit http europa eu int comm economi financ activ sgp main en htm programm gap option data prescrib code conduct data labour product hour work detail long term sustain provid technic assess programm commiss servic http europa eu int comm economi financ activ sgp main en htm net cost ongo pension reform introduct pillar includ deficit cost estim gdp gdp gdp gdp cyclic adjust balanc previou row exclud temporari measur year year improv cyclic adjust balanc foreseen programm adjust impact phase implement pension reform gdp averag period temporari measur programm cyclic adjust balanc structur balanc ident commiss servic calcul basi inform programm temporari measur commiss servic forecast base estim potenti growth period