Pre-Recession Growth Could Return in 5 to 10 Years - IMF
During its 11-day visit in Estonia, the International Monetary Fund (IMF) delegation said that it is unlikely for Estonia to achieve the pre-recession economic growth in five to 10 years time.
IMF representatives emphasized that the country needs to restore its pre-recession reserves and to store revenue from a faster-than-expected economic revival.
After meeting with the IMF, Minister of Finance Jürgen Ligi voiced his agreement. "The buffers make it possible to fight economic cooling. It is essential to keep budget expenses in check during good times as well," said Ligi. "The prerequisite here is fully thought out and responsible planning of costs on all sides."
The four-member delegation is in Estonia from December 2 to 13. Led by Alexander Hoffmaister, the IMF delegation will meet with Parliament, the Bank of Estonia, the Financial Supervision Authority, commercial banks and companies to gain understanding of the country's economic atmosphere. At the climax of the visit, representatives will present an overview of Estonia's economic development and outlook, finance sector and budget.