"At the moment, I would not say that our economy is in crisis. However, we see declining trends in some industries. My forecast is that there will be more serious negative effects on the economy in the next year. The crisis will not be as serious as, for example, in 2008. Tourism and the catering industry are struggling, but their contribution to gross domestic product (GDP) is not so significant to impact the whole economy," concludes Arnis Sauka.

Read the full interview here (in Latvian language)