A very thorough and elaborate presentation today by the Governor of the Bank of Latvia Dr. oec. Mārtiņš Kazāks, who explained the global and regional challenges that currently have and are expected to have an impact on Latvia's economy. On the top of many long term challenges faced by the global economies, the uncertainty created by the corona virus outbreak leaves its mark on the economic growth projections for this year.

Even though Latvia's exposure to the global economy is much bigger now than it used to be due to increased exports, the overall economic structure of Latvia is now much better prepared to withstand turbulances and face recession than it used to be before the previous economic downturn, says the Governor of Latvia. The biggest uncertainty now is related to the economic impact of the spread of Corona virus. To see the full presentation, visit here.

Mr Mārtiņš Kazāks has been the Governor of the Bank of Latvia since December 2019. Mr Kazaks had been the Chief Economist of Hansabanka (later Swedbank) Latvia branch from 2005 to 2018 and a member of the Council of the Bank of Latvia from 2018 to 2019. Mārtiņš Kazāks is a graduate of Liepāja Rainis Secondary School No. 6 (1991) and holds a BSc in Economics from the University of Latvia (1995), a Diploma in Economics from the University of Cambridge (1996), an MSc in Economics (with Distinction; 1997) and a PhD in Economics (2005) from the University of London.

The event was organized jointly by the Norwegian, British, Irish, Swedish and Swiss Chamber of Commerce in Latvia and brought together around 90 business people and foreign Embassy representatives.