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Economic forecast Estonia: hope and pray, but do nothing about it

Экономический прогноз Эстонии: надеемся и молимся, но ничего не делаем

In Estonia the third year of contract the economic decline, but in this year it is expected to grow. According to economic expert SEB Michkel Nestor, no significant rise will be but the economy will always begin to recover. With him agrees

Swedbank Senior Economist Liiz Elmik. Estonian Estonian enterprises could improve their performance if

the economy of neighboring countries gains turnover. Estonia’s Estonian enterprises could improve their performance, if the economy of neighboring countries gains turnover. Photo: Elmo Riig

In Estonia the third year of contracted economic downturn, but this year is expected to grow. According to economic expert SEB Michkel Nestor, no significant rise will be but the economy will

always be beginning to recover. Swedbank Swedbank senior economist Liis Elmik agrees.

The two experts are unanimous in thinking what should contribute to this growth: improving economic situation in neighboring countries, which would allow Estonian enterprises to increase exports, and also the reduction of EURIBOR. But Nestor stresses that the effect of the reduction of EURIBOR will be diminished by the money previously paid to banks, now will be given to the government.

Analysts were unable to name any significant measures that Estonia has taken or plans to stimulate the growth of the economy. All hope is that Sweden and Finland will be able to cope with their owneconomic problems, and theEuropeancentralbankwillprovidesupport.Nestorpredictsthatbytheendoftheyear,thesix-monthEURIBOR,to whichmostcreditinEstonia,will fallto1.5percent.

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