Estonia’s competitiveness is under the microscope at the Eesti Pank seminar

“Estonia’s economy has been in decline for seven consecutive quarters and the volume of the economy has decreased by almost 6% compared to the peak at the end of 2021. Workforce productivity has fallen sharply and, according to Estonian entrepreneurs, their competitiveness has decreased. The side effects of the war started by Russia and the rapid increase in wages and other expenses have made life more difficult for exporters”, says Madis Müller, president of Eesti Pank, according to whom this is precisely why it is The time has come to start a discussion on how we can improve our competitiveness both from the point of view of the state and of entrepreneurs, and therefore of the economy.

In the opening session of the seminar, the President of the Central Bank explains the reasons for Estonia’s economic stagnation and discusses how to revive economic growth. Meri Obstbaum, head of the economic forecasting department at the Bank of Finland, shares experiences from her country, where deteriorating competitiveness and low productivity coupled with growing debt burdens have worried the country’s policymakers for the past 15 years.

In the first round of seminar discussions we will discuss how changes in the global business environment affect countries with an open economy like Estonia and how our business environment looks in international comparison. We also talk about the possibilities of improving the competitiveness of both the Estonian state and the European Union as a whole. Speakers include Tea Danilov (Development Monitoring Center), Klen Jäärats (State Chancellery) and Joonas Vänto (joint agency EAS and KredEx).

In the second round of discussion, entrepreneurs express their assessment of the situation, weighing the advantages and disadvantages of operating in Estonia and in which direction entrepreneurs should move with their businesses to improve their competitive position. Also, what are their proposals for the state. Ain Hanschmidt (AS Infortar), Agur Jõgi (Pipedrive), Sirli Männiksaar (Ericsson Estonia) and Alo Tamm (Harmet OÜ) will take part in the discussion. Ülo Kaasik, Vice President of Eesti Pank, leads the conversation in both discussion rounds.

The seminar will take place on December 8 from 9.30am to 12.35pm at Eesti Pank’s Independence Hall and can be viewed live on the Eesti Pank website and Facebook channel. Participation on site is by invitation. The detailed program and opening hours can be found on the Eesti Pank website.

2023-12-06 11:58:00
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