(MENAFN)
Martins Kazaks, Bank of Latvia Governor, said on Monday that the national economy in Latvia declines around 2 to 3 percent for every month of the national emergency in the country.
The most recent prediction of the central bank said that the GDP of the country might drop 6.5 percent for the current year 2020 due to the coronavirus effects, however, the official said that a harsher decline might occure if the public health crisis continued and businesses saw more restrictions.
The official said that it is still not known how long it is going to take to finally stop the coronavirus infection from spreading in the country and the world.
The official said that "Current data shows that each month reduces the economy by around two to three percentage points", adding that the uncertainty level is extremley high and if the fight against the coronavirus continues, the economy of the country will see further declines.
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