Over the past 25 years, the country's national debt has increased 25 times. In 2000, it was around €800 million, or 12.4% of the gross domestic product (GDP), but by 2025, it exceeded €20 billion, according to Dienas Bizness. The sharpest growth occurred during periods of crisis. During the global financial crisis from 2008 to 2011, the debt increased from €1.9 billion to nearly €9 billion. Another noticeable jump occurred during the Covid-19 pandemic: from 2020 to 2022, the figure rose from €12.9 billion to €16 billion. The growth continued even after the pandemic. From 2023 to 2025, the national debt increased by approximately €4 billion, surpassing earlier forecasts. According to the current macroeconomic forecasts from the Ministry of Finance, by 2030, the national debt could reach €30.4 billion. In relation to the country's economy, this would amount to about 54% of GDP compared to the projected 47% of GDP in 2025. If this forecast materializes, the figure will become the highest in modern Latvian history in terms of national debt relative to the economy. The previous maximum was recorded in 2010 when the debt reached 48.6% of GDP. One of the main reasons for further growth is the plan to increase defense spending to 5% of GDP. As noted in the publication, financing such expenses without additional borrowing will be challenging, and raising existing taxes or introducing new ones in the current political situation is considered unlikely. At the same time, this is a forecast that may change depending on the economic situation, GDP growth rates, budgetary policy, and other factors. If the current dynamics continue, Latvia's national debt will increase nearly 38 times over three decades—from €800 million in 2000 to more than €30 billion by 2030.