International Internet Magazine. Baltic States news & analytics
Saturday, 14.12.2013, 00:45
PricewaterhouseCoopers: Estonia's economy is significantly different from Latvia and Lithuania
"The economic crisis in Estonia is by some traits similar to what has occurred in Latvia and Lithuania," noted PwC in its report.
"The bursting of the bubble on the financial and real estate markets brought an abrupt decline in domestic demand and forced brutal budget cuts on the countries," the document read.
"In other aspects, however, the economic situation in Estonia is significantly different from Latvia and Lithuania; the State has been able to maintain full control over its budget and met the terms for acceding to the euro area," remarked PricewaterhouseCoopers.
"The economic growth in Estonia is also recovering faster than in Latvia and Lithuania," added the auditing enterprise.
According to the authors of the report, Estonia, along with the Czech Republic, Slovakia, Russia, Poland and Slovenia are among the most solid Central and Eastern European countries. Latvia is considered to be the most vulnerable, followed by Lithuania, Ukraine and Belarus, informs LETA.