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Latvia ( or  (listen); Latvian: Latvija [ˈlatvija]; Latgalian: Latveja; Livonian: Lețmō), officially the Republic of Latvia (Latvian: Latvijas Republika, Latgalian: Latvejas Republika, Livonian: Lețmō Vabāmō), is a country in the Baltic region of Northern Europe. It is one of the Baltic states; and is bordered by Estonia to the north, Lithuania to the south, Russia to the east, Belarus to the southeast, and shares a maritime border with Sweden to the west. Latvia covers an area of 64,589 km2 (24,938 sq mi), with a population of 1.9 million. The country has a temperate seasonal climate. Its capital and largest city is Riga. Latvians belong to the ethno-linguistic group of the Balts and speak Latvian, one of the only two surviving Baltic languages. Russians are the most prominent minority in the country, at almost a quarter of the population.
After centuries of Teutonic, Swedish, Polish-Lithuanian and Russian rule, which was mainly executed by the local Baltic German aristocracy, the independent Republic of Latvia was established on 18 November 1918 when it broke away from the German Empire and declared independence in the aftermath of World War I. However, by the 1930s the country became increasingly autocratic after the coup in 1934 establishing an authoritarian regime under Kārlis Ulmanis. The country's de facto independence was interrupted at the outset of World War II, beginning with Latvia's forcible incorporation into the Soviet Union, followed by the invasion and occupation by Nazi Germany in 1941, and the re-occupation by the Soviets in 1944 to form the Latvian SSR for the next 45 years. As a result of extensive immigration during the Soviet occupation, ethnic Russians became the most prominent minority in the country, now constituting nearly a quarter of the population. The peaceful Singing Revolution started in 1987, and ended with the restoration of de facto independence on 21 August 1991. Since then, Latvia has been a democratic unitary parliamentary republic.
Latvia is a developed country, with a high-income advanced economy; ranking 39th in the Human Development Index. Latvia is a member of the European Union, Eurozone, NATO, the Council of Europe, the United Nations, the Council of the Baltic Sea States, the International Monetary Fund, the Nordic-Baltic Eight, the Nordic Investment Bank, the Organisation for Economic Co-operation and Development, the Organization for Security and Co-operation in Europe, and the World Trade Organization.Economy
Latvia is a member of the World Trade Organization (1999) and the European Union (2004). On 1 January 2014, the euro became the country's currency, superseding the Lats. According to statistics in late 2013, 45% of the population supported the introduction of the euro, while 52% opposed it. Following the introduction of the Euro, Eurobarometer surveys in January 2014 showed support for the euro to be around 53%, close to the European average.Since the year 2000, Latvia has had one of the highest (GDP) growth rates in Europe. However, the chiefly consumption-driven growth in Latvia resulted in the collapse of Latvian GDP in late 2008 and early 2009, exacerbated by the global economic crisis, shortage of credit and huge money resources used for the bailout of Parex Bank. The Latvian economy fell 18% in the first three months of 2009, the biggest fall in the European Union.The economic crisis of 2009 proved earlier assumptions that the fast-growing economy was heading for implosion of the economic bubble, because it was driven mainly by growth of domestic consumption, financed by a serious increase of private debt, as well as a negative foreign trade balance. The prices of real estate, which rose 150% from 2004 to 2006, was a significant contributor to the economic bubble.Privatisation in Latvia is almost complete. Virtually all of the previously state-owned small and medium companies have been privatised, leaving only a small number of politically sensitive large state companies. The private sector accounted for 70% of the country's GDP in 2006. 
Foreign investment in Latvia is still modest compared with the levels in north-central Europe. A law expanding the scope for selling land, including to foreigners, was passed in 1997. Representing 10.2% of Latvia's total foreign direct investment, American companies invested $127 million in 1999. In the same year, the United States of America exported $58.2 million of goods and services to Latvia and imported $87.9 million. Eager to join Western economic institutions like the World Trade Organization, OECD, and the European Union, Latvia signed a Europe Agreement with the EU in 1995—with a 4-year transition period. Latvia and the United States have signed treaties on investment, trade, and intellectual property protection and avoidance of double taxation.In 2010 Latvia launched a Residence by Investment program (Golden Visa) in order to attract foreign investors and make local economy benefit from it. This program allows investors to get a Latvian residence permit by investing at least €250,000 in property or in an enterprise with at least 50 employees and an annual turnover of at least €10M.
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