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Estonia’s economic woes deepen

Dec 03, 2008
By Matt Withers

TALLINN - Estonia’s economic outlook is continuing to worsen as the Finance Ministry has forecast a 3.5 percent GDP contraction in 2009, significantly worse than previous government estimates that the economy would grow by as much as 2.6 percent. On Nov. 27 the Finance Ministry announced the results of their autumn economic forecast speculating that the economy will decline by 3.5 percent in 2009, due primarily to diminishing domestic demand. The outlook was more severe than most predictions ...

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