OECD Halves Estonia's Growth Forecasts ({{commentsTotal}})

The Organization for Economic Cooperation and Development has revised its predictions for the Estonian economy this year to 1.2 percent, following the actions of commercial banks in the area.

The OECD said unemployment could grow due to economic uncertainty, and inflation is expected to be very low – at around 0.7 percent.

The organization is more optimistic for growth in 2015, forecasting 3.1 percent growth, although inflation will more than double to 1.7 percent.

Nordea is the most optimistic for growth in 2014, predicting 2.8 percent, followed by the Ministry of Finance (2 percent), the European Commission (1.9 percent), Swedbank (1.8 percent) and SEB (0.5 percent).