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Table of contents; Basic statistics of Estonia; Executive summary; Key policy recommendations; Assessment and recommendations; Figure 1. The Estonian economy is volatile; Figure 2. Life satisfaction is very low; While the crisis was externally triggered, domestic factors played an important role; Fi...

Making fiscal policy less procyclicalFigure 5. Fiscal policy should have been less procyclical; Mitigating credit cycles through macroprudential policies and cross-border supervision; Figure 6. Credit growth has been excessive; Figure 7. Macroprudential policy tools are gaining importance; Improving...

Figure 9. Active labour market policies need to be reinforcedReducing skill mismatches and improving job-to-job transition through lifelong learning; Figure 10. Reducing skill mismatches requires expanding lifelong learning; Improving school-to-job transition; Figure 11. Improving school-to-job tran...

Figure 13. Private sector expenditure in R&D remains lowDecoupling economic growth from energy consumption and emissions; Figure 14. Energy and emission intensities are high; Box 2. Recommendations on improving resilience; Reducing poverty through activation and better targeted support; Figure 15. E...

Figure 17. The number of permanent incapacity to work benefit recipients increased rapidly in the crisisFigure 18. The disability system provides few integration measures; Strengthening short-term targeted income support programmes that involve activation; Box 3. Short-term income support in Estonia...

Reducing the labour tax wedge for low wage earners