Estonia announced the start of the economic crisis in the country

the Estonian Authorities announced the beginning of the crisis in the country. The Finance Ministry estimated the extent of losses in the amount comparable to the losses during the global crisis of 2008.

Estonia entered into a new economic crisis, said the Minister of Finance of Estonia Martin Helme. The only question is how to survive the crisis and to reduce losses to a minimum, the Minister noted.

the Country was unable to survive the epidemic is coronavirus and the collapse of oil prices fell, the country’s exports, declining available funding.

“the Figures show that this sharp drop from 2008. And this will have consequences in real life. The balance of the enterprises sharply reduced, and banks will begin to withdraw loans or require additional collateral”, — said the Minister of Finance of Estonia Martin Helme on Tuesday evening on TV channel ETV.

According to him, financial market of the country facing the threat of collapse, affected the bond market: “companies that Finance themselves by issuing bonds, will no longer be able to do it.”

According to the Minister, the last two weeks have been very bad for the EU countries. This led to a crisis in Estonia. “The first conclusion is that such poor visibility, as it is now in the economy, we have never had. We are not able to predict what will happen in two weeks, two months,” said Helme.

on Tuesday, March 10, economists at the United Nations downgraded the assessment of the damage to the global economy due to the coronavirus. The world expects the recession – the lack of growth of the gross national product and the possible reduction thereof.

According to optimistic estimates, the damage to the world economy is estimated at $1 trillion, and the latest estimate of economists UN income countries will shrink by $2 trillion, and in developing countries (excluding China) – $220 billion.

the Shock of coronavirus COVID-19 will cause a recession in some countries will reduce global annual growth this year to below 2.5 percent. This is the beginning recession for the world economy, said the division of the United Nations on trade and development (UNCTAD).