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|User Info||What, You Mean It Works?; entered at 2012-06-07 07:39:14|
To play the Devil's advocate, I have to mention that Estonians have several factors working for them.|
They have two neighbors - Finland and Sweden - that are several times both bigger and richer, so Estonia has an export market to rely on. And investors from both of these countries have provided significant part of the funding that has allowed Estonia to develop since 1991 when it managed to restore its independence. This has allowed to soften the blow received from sudden credit contraction; without these factors, the government would been unable to avoid accumulating additional debt, or the loss of production would have been more severe. So, compared to a larger economy, the Estonians have had it relatively easy. Also, we have to remember that the recovery has been possible because of exports. So, as the rest of the Europe will sink further into recession, Estonia will experience stronger headwinds as well.