RIGA, March 18 (Xinhua) -- Latvia economic growth, which had been rather sluggish at the beginning of this year, will be "frozen" by the COVID-19 pandemic in 2020, an economist at the pan-Baltic Luminor Bank predicted on Wednesday.

Presenting the bank's latest economic outlook, Luminor economist Peteris Strautins said that the Latvian economy is likely to contract by some 5 percent this year, according to the latest estimates.

If the restrictive measures that are being taken to curb the spread of COVID-19 become protracted, the forecast might be further revised downwards, Strautins said, admitting that the situation is still developing very quickly.

According to the Luminor report, the coronavirus pandemic is expected to leave the most devastating impact on sectors like transport, manufacturing, and trade, which are projected to fall 15 percent, 11 percent and 9 percent, respectively, this year.

Strautins underlined, however, that the current crisis, which sooner or later has to be over, will be followed by active stimulation efforts, with construction, which this year might drop 7 percent, being expected to feel this support the most.

The economist said that some sectors will continue to grow even amid the current emergency. The IT and communications industry, for example, is projected to show a 7-percent growth this year and commercial services exports will probably be doing well too. Enditem

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