RIGA - Entrepreneurs must be more courageous at the moment, and should not be afraid of making investments, Bank of Latvia President Martins Kazaks emphasizes.
In his presentation of the Bank of Latvia's economic assessment and latest forecasts, Kazaks noted that despite the fact that the risks associated with the Covid-19 pandemic remain, the Latvian economy is at the beginning of a new and rising cycle, which will mean rapid growth.
The president of the Bank of Latvia noted that national economies around the world are currently recovering, which means that people will increase their spending, and this is an opportunity to recoup investments.
"Latvia cannot afford not to invest. This applies to everyone - individuals, especially businesses. Entrepreneurs need to be more far-sighted, because this is a new cycle, a new rise. Covid-19 is a passing risk," said Kazaks.
At the same time, he noted that investment must be prudent and, for example, in the construction sector, where there is a risk of overheating, investment should be made rather not in "iron", but in knowledge.
As reported, the Bank of Latvia has raised its GDP forecast for this year from 3.3 percent to 5.3 percent.
At the same time, the Bank of Latvia has revised Latvia's GDP growth forecast for 2022 downwards to 5.1 percent from 6.5 percent. The economic growth forecast for 2023 has been raised to 3.8 percent from 3.6 percent.