wiiw Forecast Reports

ESTONIA: The second wave has put the brakes on economic recovery


Maryna Tverdostup

in: Darkest before the dawn?
wiiw Forecast Report No. Spring 2021, April 2021 , pp. 68-72

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The rebound in economic activity in the second half of 2020 suggested that the Estonian economy would bounce back once the virus was contained and restrictions were removed. However, an upswing of infections at the beginning of 2021 has turned out much worse than expected and is jeopardising economic recovery. We have downgraded our GDP growth forecast to 1.2% in 2021. The economy is expected to return to its pre-crisis path only in 2022, with a 3.8% growth rate, followed by 4.3% in 2023.


Reference to wiiw databases: wiiw Annual Database, wiiw Monthly Database

Countries covered: Estonia