Estonia's Economic Strength Lies in its Diversity, Says Bank of Estonia Governor ({{commentsTotal}})

Bank of Estonia Governor Ardo Hansson
Bank of Estonia Governor Ardo Hansson Source: Photo: Postimees/Scanpix

Bank of Estonia Governor Ardo Hansson has said that the Estonian economy does not have one domineering sector and that is the nation's strength.

Speaking on ETV's “Terevisioon” morning program, Hansson said that if one sector is below par, then other sectors can compensate. He said that scenario is currently in play, as the transit industry is in speedy decline.

Commenting on the nation's demographic situation, where many workers are leaving and birth rates are low, Hansson said that people's skills should be better harnessed and investments made into boosting productivity. Inviting immigrants to work in the country, he said, would not help.

The bank yesterday downgraded its economic growth forecasts for this year and next, with Hansson saying that foreign markets were to blame for the lower-than-expected performance.

“We have gotten used to neighboring markets faring well, but in recent times this has not been the case,” Hansson said, noting that economic outlooks of many of these countries are better for 2014.