Business Education in Latvia MOBILITY IN SKOPJE, MACEDONIA 07/11/2016 – 11/11/2016 Project No. 2015-1-LVO2-KA205-000609

Latvia GDP growth rate The Latvian economy expanded 0 Latvia GDP growth rate The Latvian economy expanded 0.6 percent in the second quarter of 2016. GDP Growth Rate in Latvia averaged 0.96 percent from 1995 until 2016, reaching an all time high of 5.20 percent in the second quarter of 2001 and a record low of -6.20 percent in the second quarter of 2009. Project No. 2015-1-LVO2-KA205-000609

‘’Shadows’’ Day ‘’Shadows’’day is a well – known event in the world and a popular activity of career education for students from grades 1 -12.Its aim is to introduce young people with various professions to help them make decisions about their future job. On the ‘’Shadows’’ day students visit work places and for 4 – 6 hours watch the working process and possibly meet their future employers Project No. 2015-1-LVO2-KA205-000609

The Most Required Economy Sectors Attended on ‘’Shadows’’ Day Hospitals Air transport Supervision of ten financial market State administration Education services Media Municipalities Nongovernmental organizations Project No. 2015-1-LVO2-KA205-000609

Students Training Companies Motivation and ideas (creative brainstorms, generation of a business idea) The creation of a company ( creating a team; arranging roles; name of company; logotype) Organizing activities (initial capital raising; creating product; determination of potential customers;creating business plan; submiting registration documents to Ja Latvia) The company’s action ( creating producs; selling them at fairs; the financial and accounting etries) Competition and elimination of company ( participating in various international under takings;making reports; dissolution of company at the end of the school year) Project No. 2015-1-LVO2-KA205-000609

Short History of Teaching Business in Latvia 1990. For the 1st time Economics is taught in Latvia using Junior Achievement programme ‘’Applied Economics’’ 1993. The 1st course for teachers of Economics is organized 1994. Pubished the first textbook ‘’Business Economy’’in Latvian. 1995. The first students business plan competition takes place 1996. The first competition ‘’ The best teacher an the best student of Economics takes place 1997. The first competition of creative ideas and advertisments’’My advert’’ takes place 2005, The first ‘’Shadows’’Day in Latvia 2009. The first international STC ( students training companies) is organized in Latvia Project No. 2015-1-LVO2-KA205-000609

Benefits from Creating STC Knowledge at entrepreneorship Presentation skills Knoweledge about financial analysis Skills of planning their own finances Experience of acting in team Get important proposals and business contacts Posibility to show their talents and skills to others Communication and organizing experience Entry in CV International experience and friends allover the world Their own profit Taste of win Possibility to obtain a paid study place in Business University ‘’Turība’’ Possibility to obtain sertificate of JA Latvia that gives advantages to enter some universities Project No. 2015-1-LVO2-KA205-000609

Junior Achievement Latvia Junior Achievement Latvia (JA Latvia) is a public benefit organization and an expert of practical business education in schools. JA Latvia has been one of 39 JA Worldwide net members in Europe since 1991. JA Latvia every year provides an access to practical business education programme to about 60 000 students at all levels of education across the whole of Latvia. The programme is aprobated by Europe and fitted to special needs of Latvia. Project No. 2015-1-LVO2-KA205-000609

Programmes provided by JA Latvia 1.Financial litteracy ( grade 1-9), curried out with help of Latvia Central Bank) 2.Career education Shadows Day (grade 1-12) Leaders programme ( grade 10-12) 3.Entrepreneurship Students training companies ( grade 4 – 12) Start-up programme Online simulation game TITAN ( grade 9 -12), carried out with support of Riga Business school. Project No. 2015-1-LVO2-KA205-000609

Population of Latvia Project No. 2015-1-LVO2-KA205-000609

Personal Income Tax Rate 23.00 Corporate Tax Rate 15.00 Personal Income Tax Rate 23.00 Sales Tax Rate 21.00 Social Security Rate 34.09 Social Security Rate For Companies 23.59 Social Security Rate For Employees 10.50 Project No. 2015-1-LVO2-KA205-000609

Latvia GDP The Gross Domestic Product (GDP) in Latvia was worth 27 Latvia GDP The Gross Domestic Product (GDP) in Latvia was worth 27.04 billion US dollars in 2015. The GDP value of Latvia represents 0.04 percent of the world economy. GDP in Latvia averaged 14.94 USD Billion from 1987 until 2015, reaching an all time high of 35.54 USD Billion in 2008 and a record low of 4.50 USD Billion in 1993. GDP in Latvia is reported by the World Bank. Project No. 2015-1-LVO2-KA205-000609

Economic Forecasts 2016-2020 Outlook Overview Actual Q4/16 Q1/17 Q2/17 Q3/17 2020   GDP Growth Rate 0.60 0.8 0.7 0.6 0.5 percent Unemployment Rate 9.50 9.8 10.1 9.7 9.4 8.7 Inflation Rate 0.3 2.24 1.9 Balance of Trade -177.10 -178 -177 EUR Million Government Debt to GDP 36.40 34.3 33.77 33.23 32.7 34.5 Project No. 2015-1-LVO2-KA205-000609