Republic of Estonia: 2023 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2023 Issue 275

Publication date: July 2023

ISBN: 9798400251047

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Topics covered in this book

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Business and Economics - Statistics , Taxation - General , International - Economics , Inflation , Labor , Money and Monetary Policy , Public Finance , disinflationary effort , ECB interest rates , policy mix , financial asset , data provision , transparency policy , labor market shortage , Inflation , Labor markets , Wages , Value-added tax , Global , Baltics

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Summary

Estonia has made remarkable progress over the past two decades, achieving steady convergence towards more advanced EU economies. However, signs of erosion in external performance have emerged in recent years, reflecting rapid growth in unit labor cost and real exchange rate appreciation. Russia’s invasion of Ukraine triggered a large rise in inflation, supply chain disruptions and slower growth in key trading partners in the Baltic region. In Estonia, these developments, combined with fiscal tightening in 2022, have led to a sharp economic downturn, while deceleration in productivity has exacerbated competitiveness erosion.