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The 2011 edition of OECD's periodic economic survey of Estonia's economy. This edition includes chapters covering emerging from the recessions, fiscal policy, public sector spending efficiency, and making the most of globalisation. It finds that Estonia continues to show a remarkable determination in policy making. It has established business-friendly regulation, avoided fiscal deterioration during the crisis and made it into the euro area despite being hit by an accumulation of external shocks. Nevertheless, it has not fully reaped the benefits of globalisation.
Table of contents:
Basic statistics of Estonia, 2009 Executive summary Assessment and recommendations Chapter 1. Emerging from the recession -The boom-bust cycle has left Estonia with serious challenges -Dealing with the consequences of the boom-bust cycle -Annex 1.A1. Characteristics of the unemployed in Estonia -Annex 1.A2. Prospects for labour market recovery in Estonia -Annex 1.A3. Progress in structural reform Chapter 2. Fiscal policy: Avoiding pro-cyclicality and safeguarding sustainability -Regaining fiscal sustainability after the crisis -Improving the fiscal framework -Enhancing the tax system to support fiscal consolidation and economic growth -Annex 2.A1. Fiscal consolidation measures adopted during 2008-10 Chapter 3. Public sector spending efficiency: Healthcare and local government -Healthcare is particularly susceptible to spending acceleration -Fragmented local government in need of reform Chapter 4. Estonia: Making the most of globalisation -Characteristics and dynamics of Estonian convergence -Framework policies for reaping more benefits of globalisation Glossary