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According to OECD Review, Estonia Has Handled Economic Crisis Well

18.04.2011

Today, 18 April, deputy director of the OECD’s country studies branch Robert Ford introduced the economic review prepared by the Economic Development Review Committee (EDRC) of the OECD (Organisation for Economic Co-operation and Development), which gives a thorough overview of Estonia’s economic situation.

According to the review, Estonia has shown remarkable determination in economic matters. Recovery from the economic crisis has been extensive. In spite of the economic crisis, the state’s budget position did not significantly deteriorate and Estonia became a member of the euro zone. Many of the recommendations made in the review are already being implemented by Estonia today. For example, one recommendation is to utilise the individual training card system more in re-training the unemployed, which Estonia is already doing.

Finance Minister Jürgen Ligi stated that the OECD’s analysis is very important to Estonia due to the organisation’s authority in the field and the fact that it generally draws attention to all the right things. “We are very similar in our basic viewpoints, and neither side has experienced big surprises while working together. But, as always with such substantive co-operation, there is also room to argue some recommendations,” stated Finance Minister Ligi.

Foreign Minister Urmas Paet stated that the OECD economic review gives us an opportunity to look deep into Estonia’s economy. “These regularly compiled reviews allow us to see a neutral view of the economic situation and examine which areas we could change for the better,” stated Foreign Minister Paet. “The OECD, which has the goal of supporting global economic development and expanding world trade, offers good opportunities for further development to Estonia as well,” he added.

The review addresses the period in which Estonia was getting out of the economic crisis and makes proposals for ensuring a stable and sustainable recovery. The review closely examines efforts to recover from the economic crisis, fiscal policy, efficiency in government operations, and globalisation. The goal of the review is to contribute to the country’s economic policy discussion, through which suitable solutions will be found for supporting economic development. The recommendations are based on the experiences of OECD members and are not meant to be fulfilled to the letter.

This is the second review of Estonia’s economy by the OECD. The previous one was introduced in April of 2009. The OECD prepares economic overviews of its member states every two years.

Deputy director of the OECD’s country studies branch Robert Ford, Finance Minister Jürgen Ligi, and National Library director of collections Ülle Talihärm opened the exhibit “OECD at 50. Estonia – The newest member” in the lobby of the National Library today. The exhibit takes a look at the OECD, Estonia’s membership in the organisation, and the National Library’s OECD-related collection. The exhibit will remain on display until 14 May.

The Estonian National Library is an official OECD collection library. The full texts of the analyses and reviews that have been published about Estonia (www.oecd.org/estonia) can be accessed for free in the law and international organisation reading room on the 6th floor of the library.

 

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