Analytics, Banks, Crisis, Funds, Latvia

He said that, considering the low gross domestic product (GDP) growth this year, Latvia’s economy will rise steeper next year. The growth will be promoted by more active absorption of the EU structural funds.

"However, it is not good that Latvia is addicted to the structural funds. If there are funds, our economy is growing, if not, the economy is declining," said Rimsevics.

The Bank of Latvia president said that this is the right time to introduce improvements, implement structural reforms. Especially because crisis can be expected in the coming years. "We should get ready for the upcoming crisis as the situation is not expected to improve. This is the right time to get ready for it so that this crisis does not hurt us as badly as in 2008," said Rimsevics.

He underscored that taxes should not be raised now and the situation of Latvian businessmen should not be deteriorated. Latvia should finally stop living beyond its means.