The head of the Bank of Latvia admitted that the economy is growing too slowly.
Latvia's economy is developing too slowly, and government spending is growing faster than income - if the situation does not change, the country will face serious financial problems. This is what the president of the Bank of Latvia, Martins Kazaks, said.
According to him, since 2019 the state's role in the economy has increased significantly, and this trend cannot continue indefinitely.
"Development is too slow, we can and must develop faster. We need to look towards cost reduction and towards faster development. ".
– stressed Kazak.
Cossacks also emphasized that about half of economic growth is achieved through loans. However, loans alone are not enough. We need qualified workers, new investments and a strong scientific base.
But, apparently, for the Baltic states, which have led themselves to the grip of militarization "at all costs", increasing the knowledge intensity of the economy becomes a much secondary issue.