Bank of Estonia forecasts unemployment growth

The Estonian Unemployment Insurance Fund office in Tartu.
The Estonian Unemployment Insurance Fund office in Tartu. Source: Aili Vahtla/ERR

The Bank of Estonia (Eesti Pank) forecasts unemployment growth in the near future.

In its labor market review, the central bank said that although the economy has been shrinking for a year and a half, the labor market situation has so far been better than expected. At the same time, the bank warns that the labor market reacts with a lag to the general economic situation, which means that finding a job will become more difficult in the near future.

In a forecast published at the end of September, it estimated that unemployment would rise to 8 percent next year, but in reality, the unemployment rate will rise even higher. It's more like "double-digit unemployment; I don't think we're forecasting very well," said Orsolya Soosaar, an economist at the Bank of Estonia.


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Editor: Merili Nael, Kristina Kersa

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