Foto: Lita Krone, LETA
It is already here, that is in some parts of the world, in other parts it may be approaching, but I will argue that the answer to the question is a very firm “No!’ in the case of Latvia or the Baltics for that matter.
I hear so many talks about “the coming crisis” – I just wonder why? Perhaps, because it recently was 10 years since the demise of Lehman Brothers? Or, at the time of writing this piece, exactly 10 years since the collapse of Parex Bank? Or, as I have heard some say, “it is about time for the next crisis”, whatever that means?!?
The economy has been growing for quite a while now, see Figure 1. In fact, almost as long as the (in)famous “Seven Fat Years” (which were actually almost nine years – this time the economy has been growing since Q3 of 2010, i.e. for eight years so far). But why should it then stop?
