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Estonia is facing its most challenging economic situation since the early 1990s. Past overexpansion was financed by rapid credit growth. Growth was in general biased towards domestic demand.
Estonia is particularly well regarded in ICT network readiness and well-functioning e-government. However, the share of production in high tech and knowledge intensive sectors is relatively low.
The key challenge is to develop gradually its counter-cyclical role without jeopardizing sustainability.
Co-operation is required between regional financial supervisory authorities to mitigate risks to financial stability as well as cyclical volatility in housing and construction. Financial stability could be strengthened by increasing households’ financial literacy.
More flexible labour markets will be a key adjustment mechanism in the current recession as well as in the medium term if Estonia is to become a knowledge-based economy.
New Zealand’s living standards remain well below the OECD average, a situation attributable to low productivity, which in turn is related to economic geography as well as structural policy factors.
Macroeconomic imbalances, along with the present reversals in global risk appetite and credit availability, present a risk of sudden and costly macroeconomic adjustments.
Trends in demography, technology and costs will exert mounting and unaffordable pressures on health spending, underlining the need to control health care costs and to put limits on public coverage.
German, , 334kb
Nach einer längeren Phase der Stagnation hat Deutschland eine kräftige Erholung erlebt. Die Unternehmens- und Staatsfinanzen sind robust, so dass ein solides Fundament für eine Fortsetzung des Aufschwungs gegeben ist, sofern die von den globalen Finanzmarktturbulenzen ausgehenden Bremseffekte nicht zu stark werden. Damit das hohe Wirtschaftswachstum über den Konjunkturaufschwung hinaus andauern kann, muss allerdings die Wachstumsrate