This paper concentrates on the economic climate of EU countries in the context of integration and globalisation. The aim of this study is to analyse the (comparative) economic climate in the Baltic and other leading EU countries. The main emphasis is on the economies of the three Baltic states. The strategic goals of the EU and of Latvia are discussed as well as are the development challenges and models for Latvia. The research methodology utilised is based on macro-economic theory. This paper provides information about various different indexes and the main results and conclusions reflect the overall situation in EU countries but especially in Latvia.