RIGA, Sept 15 (LETA) - Latvia has been the strongest reformer among members of the Organization for Economic Co-operation and Development (OECD) this year, OECD Secretary-General Angel Gurria said during the presentation of the organization’s survey of Latvia today.

Gurria noted that this is the OECD’s first economic survey of Latvia since the country’s accession to the organization, and that in 2017 Latvia stood out among other OECD members as the “top reformer”.

Gurria also praised Latvia’s successful economic development saying that its budget has been kept in balance and Latvia’s government debt against GDP was at around 40 percent as compared to the OECD average of 100 percent. The indebtedness of the Latvian private sector has also remained relatively small, financial markets confidence is high and unemployment is dropping.

At the same time, the OECD head commended Latvia’s efforts to raise tax revenue and the planned tax reform.

In Gurria’s words, reforms are not something that can just be started and finished, they have to be a way of thinking, always keeping further change and development in mind. The OECD still sees serious challenges facing the Latvian economy, such low productivity, discrepancy between skills and market demand, as well as a shortage of innovation.

Gurria said that Latvia needs to achieve substantial progress in these areas so that Latvian exports included more high-added-value products and services. Latvian exports should move away from low added value and natural resources intensive products. It is also necessary to improve the accessibility of health care, housing and jobs, he said.

The OECD today released its first survey of the Latvian economy since Latvia’s accession to the organization. The in the report, the OECD has raised Latvia’s GDP growth forecast for this year to 4.3 percent.

Latvia joined the OECD in July 2016.