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International Internet Magazine. Baltic States news & analytics Thursday, 02.10.2014, 19:29

OECD: Estonia will be richer than France in 50 years

Juhan Tere, BC, Tallinn, 26.11.2012.Print version
According to the recent economic growth study of the Organisation of Economic Cooperation and Development (OECD) for the next 50 years, Estonia will pass France, Italy and Spain and will be close to Finland and Austria in the year 2060, LETA/Postimees writes.

OECD's study "Looking to 2060: Long-term global growth prospects" estimates Estonia's average economic growth at 2.6% a year during that period, which is the highest indicator among member states which means that in 50 years' time, we live in a state where the average wage is 4,000-5,000 euros a month.

 

Estonia would be on the 11th place among OECD states, after Norway, Holland, Sweden, Denmark, Belgium, Finland, Germany, UK, Austria, Czech Republic and Ireland, with GDP of 66,000 USD per capita in 2060.

 

Eesti Pank president Ardo Hansson says in comment that he does not wish to fantasize in public space.

 

Swedbank's former chief economics Maris Lauri also says that such long term economic forecasts are based on knowledge about past and present and it is imposable to forecast technological and political changes to come.

 

One of the mean authors of the OECD study Åsa Johansson explains to Postimees that their work is based on the so-called conditional convergence model that means that poorer areas grow faster to catch up with richer ones but the richer their get, the slower the growth.






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