Upload
others
View
11
Download
0
Embed Size (px)
Citation preview
Charting
EstoniaCEO’s Guide to The Economy
3Q 2021
ECONOMYCharting CEO’s Guide to
The Economy
ECONOMYCharting
CEO’s Guide to The Economy 2
To understand something, begin with questions, not information
© Charting EconomyThis is a licensed product and is not to be photocopied
ECONOMYCharting
CEO’s Guide to The Economy
About Charting EconomyCharting Economy is a global publisher of CEO’s guide to the
economy. Our mission is to make it easier for busy executives
to understand the economy. Our active coverage includes
106 economies worldwide.
Contact Our Research Team:
Disclaimer
The facts of this report are believed to be correct at the time of publication but
cannot be guaranteed. Please note that the findings, conclusions and
recommendations that Charting Economy™ delivers will be based on information
gathered in good faith from both primary and secondary sources, whose accuracy
we are not always in a position to guarantee. As such Charting Economy™ can
accept no liability whatever for actions taken based on any information that may
subsequently prove to be incorrect.
3
ECONOMYCharting
CEO’s Guide to The Economy 4
Why long-term economic growth?
To Improve the Living StandardHow to grow the economy in the long run?
Increase these 3 factors
Population (Labor)
Capital
Idea
The Long View: the Why and How of Economic Growth
Gross Income
Per Capita Income
Living Standard
© Charting Economy™This is a licensed product and is not to be photocopied
ECONOMYCharting
CEO’s Guide to The Economy 5
Short-term Objective: Balancing Growth and Stability
Inflation
Exchange Rate
BOP / External Debt
Private Consumption (C)
Public Consumption (G)
Growth Stability
Investment (I)
Net Export (X-M)
Fiscal Balance
Financial System
Employment
© Charting Economy™This is a licensed product and is not to be photocopied
ECONOMYCharting
CEO’s Guide to The Economy
• What is the size of Estonia’s economy?
• What is the size of Estonia’s population?
• What is the demographic structure of Estonia? Is it favorable for economic growth?
• How has the structure of GDP changed over the years?
• How much does Estonia’s economy rely on external trade?
• Where are the key economic regions in Estonia?
• Economic Freedom Index: How free is Estonia’s economy?
• How competitive is Estonia?
• How are Estonia’s competitive factors compared to those of other countries?
• How is the minimum wage in Estonia compared to others in the region?
• How has labor productivity in Estonia changed over the years, and in relation to comparable countries?
• Is it easy to do business in Estonia?
• How good is Estonia in attracting Foreign Direct Investment?
• What is the level of income for an average person in Estonia?
• What is the poverty rate in Estonia, and how does it compare to others?
• How has the unemployment rate in Estonia changed over recent years?
• How is income distributed in Estonia, and how does it compare to others?
• What is the current level of human development in Estonia?
• How has the quality of life changed over the years?
• How many SDG has Estonia achieved to date?
• What has been the growth rate of Estonia’s economy over the past ten years, and how does it compare with others?
• What were the key growth drivers for Estonia’s economy in the last year?
• How much does each sector contribute to the overall growth?
• What is the GDP growth rate in the latest quarter?
• What are the latest signals from the leading indicators?
• What is the growth outlook for Estonia’s economy over the next three years, and how does it compare with others?
• How early can the economy reopen from the Covid crisis?
• What is the risk of inflation over the next 12 months?
• What is the latest move on Estonia’s monetary policy?
• What is the health of Estonia’s banking sector?
• What has been the trend in Estonia’s fiscal budget deficit?
• Balance of Payment: Where are the key risks?
• What is the FX risk? How has the currency performed compared to others?
6
The Charting Economy Framework©
Understand Any Economy in 30 Questions or Less
Economic Structure Competitiveness Development Economic Growth Macro Risks
The Long View The Short View
© Charting EconomyThis is a licensed product and is not to be photocopied
ECONOMYCharting
CEO’s Guide to The Economy
Official name: Republic of Estonia
Brief history• The Bulgars, a Central Asian Turkic tribe, merged with the local Slavic inhabitants in the late 7th century to form the first Estonian state
• Estonia became independent from the Ottoman Empire in 1908
• Having fought on the losing side in both World Wars, Estonia fell within the Soviet sphere of influence and became a People's Republic in
1946
• Communist domination ended in 1990, when Estonia held its first multiparty election since World War II and began the contentious process
of moving toward political democracy and a market economy while combating inflation, unemployment, corruption, and crime
• The country joined NATO in 2004 and the EU in 2007
7
Government
Government type: parliamentary republic
Capital: Tallinn
Currency: Euro (EUR)
Chief of state: President Kersti KALJULAID (since 10 October
2016)
Head of government: Prime Minister Kaja KALLAS (since 26
January 2021)
Cabinet: Cabinet appointed by the prime minister, approved by
Parliament
Elections:• president indirectly elected by Parliament for a 5-year term (eligible for
a second term); next to be held in 2021• prime minister nominated by the president and approved by Parliament
Geography
Area: 45,228 sq km (#133 in the world)
Land boundaries:
• Latvia 333 km
• Russia 324 km
Land Use (2011est.):
• agriculture: 22.2%
• forest: 52.1%
• other: 25.7%
Coastline: 3,794 km
Irrigated land: 44 sq km (2012)
Natural resources:
oil shale, peat, rare earth elements, phosphorite, clay, limestone, sand, dolomite, arable land, sea mud
Source: CIA World factbook
Population and society
Population:
1,220,042 (July 2021 est.)
Ethnic group:
Estonian 68.7%, Russian 24.8%, Ukrainian 1.7%, Belarusian 1%,
Finn 0.6%, other 1.6%, unspecified 1.6% (2011 est.)
Language:
Estonian (official) 68.5%, Russian 29.6%, Ukrainian 0.6%, other
1.2%, unspecified 0.1% (2011 est.)
Religions:
Lutheran 9.9%, Orthodox 16.2%, other Christian 2.2%, other 0.9%,
none 54.1%, unspecified 16.7% (2011 est.)
Working age population (15-64 yr): 62.8%
Population growth rate: -0.69% (2021 est.)
Estonia
ECONOMYCharting
CEO’s Guide to The Economy
1. Economic Structure2. Competitiveness
3. Economic Development
4. Economic Growth
5. Macro Risks
Appendix 1: IMF’s forecast
Appendix 2: Doing Business
Part of the country’s economic profile, economic structure section gives readers useful views to understand economic fundamental and determine what matters for the country’s
economy
8
What is the size of Estonia’s economy?
What is the size of Estonia’s population?
What is the demographic structure of Estonia? Is it
favorable for economic growth?
How has the structure of GDP changed over the years?
How much does Estonia’s economy rely on external
trade?
Where are the key economic regions in Estonia?
Economic Freedom Index: How free is Estonia’s
economy?
ECONOMYCharting
CEO’s Guide to The Economy 9
What is the size of Estonia’s economy?
Estonia is the smallest economy among the Baltic states
Source: IMF World Economic Outlook Database April 2021
Note: (*) IMF Estimate
3,803
2,711
2,599
1,885
1,474
1,278
910
747
720
594
538
513
429
419
403
362
352
271
247
241
231
189
155
Germany
UK
France
Italy
Russia
Spain
Netherlands*
Switzerland*
Turkey
Poland
Sweden*
Belgium
Austria*
Ireland*
Israel
Norway*
Denmark*
Finland*
Romania*
Czech Republic*
Portugal
Greece
Hungary
152
104
73
69
60
57
56
53
53
33
31
24
22
19
16
15
15
12
12
12
8
5
2
Ukraine*
Slovakia*
Luxembourg
Bulgaria*
Belarus*
Croatia*
Lithuania
Serbia*
Slovenia
Latvia
Estonia
Cyprus
Iceland*
Bosnia and Herzegovina*
Georgia*
Albania*
Malta
Armenia*
North Macedonia
Moldova*
Kosovo*
Montenegro
San Marino*
European Economies2020 GDP, USD billion, Market Exchange Rate
ECONOMYCharting
CEO’s Guide to The Economy 10
What is the size of Estonia’s population?
Estonia is a small country with population of around 1.2 million, less than half of those in Lithuania
Source: CIA World Fact book, UN’s World Population Prospects: The 2019 Revision
43.7
38.2
10.7
9.4
5.4
3.3
2.7
2.1
1.9
1.2
0.4
Ukraine
Poland
Czechia
Belarus
Slovakia
Moldova
Lithuania
Slovenia
Latvia
Estonia
Iceland
-0.648%
-0.176%
0.089%
-0.136%
-0.037%
-0.298%
-0.986%
-0.057%
-0.951%
-0.302%
0.574%
PopulationSelected countries, Million, July 2021 est.
Population GrowthAvg. Annual Rate of Change, Medium fertility, 2020-2025
ECONOMYCharting
CEO’s Guide to The Economy 11
America: USD 1800 (74% saving)Argentina (4) Bolivia (2) Brazil (4) Canada (4)
Chile (4) Colombia (4) Costa Rica (2) Ecuador (2)
El Salvador (2) Honduras (2) Mexico (4) Panama (2)
Paraguay (2) Peru (4) United States (4) Uruguay (4)
Asia Pacific: USD 2500 (77% saving)Australia (4) Azerbaijan (2) Bangladesh (2) Brunei (2)
Cambodia (2) China (4) Hong Kong (4) India (4)
Indonesia (4) Japan (4) Kazakhstan (2) Laos (2)
Malaysia (4) Mongolia (4) Myanmar (2) Nepal (2)
New Zealand (4) Pakistan (2) Philippines (4) Singapore (4)
South Korea (4) Sri Lanka (4) Taiwan (4) Thailand (4)
Vietnam (4)
Europe: USD 4100 (77% saving)Albania (4) Armenia (4) Austria (4) Belarus (4)
Belgium (4) Bosnia and Herzegovina (4) Bulgaria (4) Croatia (4)
Cyprus (4) Czech republic (4) Denmark (4) Estonia (4)
Finland (4) France (4) Georgia (4) Germany (4)
Greece (4) Hungary (4) Iceland (4) Ireland (4)
Israel (4) Italy (4) Latvia (4) Lithuania (4)
Luxembourg (4) Malta (4) Netherlands (4) Norway (4)
Poland (4) Portugal (4) Romania (4) Russia (4)
Serbia (4) Slovakia (4) Slovenia (4) Spain (4)
Sweden (4) Switzerland (4) Turkey (4) Ukraine (4)
United Kingdom (4)
Middle East and Africa: USD 2500 (76% saving)Algeria (2) Bahrain (2) Benin (2) Botswana (2)
Cameroon (2) Cote d'Ivoire (2) Egypt (2) Ethiopia (2)
Ghana (2) Guinea (2) Jordan (2) Kenya (2)
Kuwait (2) Mauritius (2) Morocco (2) Nigeria (4)
Oman (2) Qatar (2) Rwanda (2) Saudi Arabia (2)
Senegal (2) South Africa (4) Tanzania (2) UAE (2)
( ) Number of issues per year
SUBSCRIBE to find all the answers
Individual Economy: USD 440 / year
Kindly contact [email protected]
Charting Economy™ | Understand Any Economy in 30 Questions or Less | www.ChartingEconomy.com
Corporate License