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Latvia has a mixed economic system that combines elements of both free market and planned economies. Since regaining independence in 1990, Latvia has transitioned to a market-oriented economy, characterized by privatization and liberalization of various sectors. The country has a strong emphasis on trade, with significant exports in goods such as machinery, wood products, and food. Additionally, Latvia is a member of the European Union, which influences its economic policies and integration into the broader European market.
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What type of economic system does the Philippines have?
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