Estonia has had a strange couple of years. On the one hand, it was very hard hit by the economic crisis – the economy contracted fast, the housing bubble burst, and unemployment grew at a staggering rate. On the other hand, Estonia cut its government spending fast and efficiently, never needed a bail-out and was admitted to the rich-club OECD and the eurozone. The Estonian government is very content – but is there more to it?The most crucial weakness of the Estonian economy can never be gotten rid of – it’s the tiny size of the country. Estonians are, of cour...
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