Republic of Estonia: Staff Report for the 1999 Article IV Consultation

International Monetary Fund

No 1999/059, IMF Staff Country Reports from International Monetary Fund

Abstract: This 1999 Article IV Consultation highlights that real GDP growth of Estonia slowed to 4 percent in 1998. Tighter macroeconomic policies, the decline in the stock market, and banking difficulties in the wake of the Russian crisis in August 1998 dampened domestic consumption and investment. Output growth in early 1999 has remained weak. Overall, the direct impact of the Russian crisis on growth was relatively modest, mainly because Estonia had reoriented most of its trade to the West and the exposure of Estonian banks to Russian financial markets was limited.

Keywords: ISCR; CR; government; staff's balance of payments estimate; expenditure restraint; staff projection; estimate; Estonian authorities; expenditure cut; Current account deficits; Budget planning and preparation; Privatization; Exports; Eastern Europe; Baltics (search for similar items in EconPapers)
Pages: 63
Date: 1999-07-14
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