ASEF in partnership with the Ministry of Economics of the Republic of Latvia, organised a public lecture on “Smart Austerity and the New Baltic Growth Model” in Singapore (7 March 2013). Mr Daniels Pavļuts, Minister of Economics of the Republic of Latvia, was the keynote speaker for the day.

During the lecture, Mr Pavļuts described Latvia’s growth model as “smart austerity” that focuses on reviving the business environment by creating a favourable macroeconomic framework. He highlighted that such a framework restores confidence and directs the economy away from debt-driven financial services and construction. Based on his strong background and hands-on experience, Mr Pavļuts provided insightful perspectives on the Baltic economic growth model and comparisons between small-scale economies. In particular, it was exciting to see what Latvia and Singapore could learn from each other.