The Estonian Institute of Economic Research has finalized its economic forecast for spring, but it is very difficult to predict any developments under the current emergency situation, Director General Marje Josing said.
Director General of the Estonian Institute of Economic Research Marje Josing told ERR's online news in Estonian that if the emergency situation ends on May 1, Estonian economy can be predicted to fall 5 percent.
The economy as a whole is not only affected by the situation in Estonia, it is important to monitor what is happening in other countries, Josing emphasized.
"This situation, where countries around the world are suspending business activities in order to save human lives, is unique in history," Josing said, adding that it is currently useless to make any standard forecasts.
Forecasting would be simpler had the virus spread evenly across the world, but the outbreaks move in waves. The virus can affect economy for many months yet, Josing said.
Editor: Anders Nõmm