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OECD Economic Surveys: Estonia 2011 - Product Image

OECD Economic Surveys: Estonia 2011

  • ID: 1668431
  • April 2011
  • Region: Estonia
  • 124 Pages
  • OECD Publishing

Estonia continues to show a remarkable determination in policy making. It has established a business friendly regulation, avoided fiscal deterioration during the crisis and made it into the euro area, despite being hit by an accumulation of negative external shocks. Helped by strengthening foreign demand and increased competitiveness the Estonian economy is recovering from a deep recession, which drove the unemployment rate up to nearly 20% and left an overhang of private-sector debt. The main policy challenges are now to: avoid cyclical unemployment becoming structural; strengthen the fiscal framework; improve the framework of bankruptcy procedures to deal with non-performing loans; reap efficiency gains in government operations; and make more out of globalisation as a sustainable driver of growth.

The large increase in unemployment generates additional workload for the recently reformed public employment service. It is important that adequate, appropriately-skilled resources are available for this task. In terms of active labour market policies, greater emphasis on training measures is necessary to support the reallocation of workers.

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Basic statistics of Estonia, 2009
Assessment and recommendations
Chapter 1. Emerging from the recession
The boom-bust cycle has left Estonia with serious challenges
Dealing with the consequences of the boom-bust cycle
Annex 1.A1. Characteristics of the unemployed in Estonia
Annex 1.A2. Prospects for labour market recovery in Estonia
Annex 1.A3. Progress in structural reform

Chapter 2. Fiscal policy: Avoiding pro-cyclicality and safeguarding sustainability
Regaining fiscal sustainability after the crisis
Improving the fiscal framework
Enhancing the tax system to support fiscal consolidation and economic growth
Annex 2.A1.Fiscal consolidation measures adopted during 2008-10

Chapter 3. Public sector spending efficiency: Healthcare and local government
Healthcare is particularly susceptible to spending acceleration
Fragmented local government  in need of reform

Chapter 4. Estonia: Making the most of globalisation
Characteristics and dynamics of Estonian convergence
Framework policies for reaping more benefits of globalisation

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