Because the crisis is difficult to forecast, experience from previous crises must be relied on," Rõtov found, adding that people like Andrus Ansip, who was prime minister during the 2008 recession, and Ardo Hansson (the previous governor of the Bank of Estonia) could be involved in the policymaking process to help soften the recession caused by the emergency situation.

The know-how of successful Estonian digital companies could also be put to use as the startup scene is used to working in high-stress conditions, Rõtov added.

The CEO found that in order to liven up the economy, the state could implement public procurements for major infrastructure ahead of schedule. One such measure would be to construct four-lane highways to larger cities that has long been discussed.

"Now is the time to dust off all of these ideas and make them happen," Rõtov said.

The head of Äripäev also proposed that Estonia could invest in major companies as a shareholder that would allow companies that offer value to society to remain active.

When host Anvar Samost suggested the state could buy Tallink shares, Rõtov agreed, adding that there are other suitable examples.

Measures associated with new money pumped into the economy should be critically monitored to avoid hyperinflation that would make the crisis even longer," Rõtov said in closing.

--

Download the ERR News app for Android and iOS now and never miss an update!