Rimsevics said that the Eurozone economy as a whole, and the economy of Latvia slow down their development. Inflation this year will be close to zero. The Bank of Latvia plans to release revised inflation forecast in the spring. In addition, Latvia will have to revise the GDP forecast - most likely it will be lower than previously assumed.

At the moment the Bank of Latvia predicts that the country's GDP in 2016 may increase by 2.7%, the Ministry of Finance - 3%. According to Rinkevich, in reality, the GDP growth will surely be below 2% (this figure included in the budget of the country for 2016).

"We should learn a lesson from the past crisis. Eight years have passed, many things have been forgotten. But at that time it also started pretty innocently - we lived with a small deficit and what happened when the crisis began? Things can change in just a couple of months," said Rimsevics.

On Thursday the European Central Bank announced a reduction in base lending rates on the main refinancing position to 0%. Deposit rate was lowered from minus 0.3% to minus 0.4 per cent. According to Rinkevich, these measures were another attempt to revive the Eurozone economy and prevent deflation.