We must be ready for a possible economic crisis

  • 2020-03-11
  • BNS/TBT Staff

TALLINN - The economy is exhibiting a number of warning signs, and Estonia must be ready to face a possible crisis, Prime Minister Juri Ratas said.

"What is undoubtedly primary today are the lives and health of the people of Estonia," the premier noted during parliament question time on Wednesday. "There is no way around the warning signs in the economy, and there are at present many of them."

Existing economic forecasts are no longer applicable, according to Ratas.

"Making new reliable forecasts is impossible at the moment, and we must be ready to face a possible crisis," he noted, adding that the state has the capability to take out a loan, if needed.

Ratas commended Minister of Finance Martin Helme, and added that in the present situation, closer communication between the government and the Riigikogu is required.

"The government has convened a working group chaired by the minister of finance, which is in the process of mapping out all dangers and warning signs," he said. 

The premier noted that the Ministry of Finance and the Bank of Estonia  are currently working on updating economic forecasts as quickly as possible.