Republic of Estonia: 2023 Article IV Consultation-Press Release; and Staff Report
Republic of Estonia: 2023 Article IV Consultation-Press Release; and Staff Report
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Volume/Issue:
Volume 2023
Issue 275
Publication date: July 2023
ISBN: 9798400251047
$20.00
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Topics covered in this book
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Money and Monetary Policy , International - Economics , Inflation , Labor , Public Finance , Business and Economics - Statistics , Taxation - General , 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
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.
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