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Estonia Business Forecast Report: Massive Economic Contraction Ahead.

The Estonia Business Forecast Report: Massive Economic Contraction Ahead.

“With its high external debt load and large current account deficit, Estonia is one of the worst positioned economies in the world to weather the global financial crisis. We forecast the economy to contract by 10.3% in 2009, driven by net capital outflows and a sustained process of domestic deleveraging that will result. Core views include a substantial widening of the fiscal deficit to 7.4% of GDP, elevated political risks and a devaluation of the currency by 2010.”

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