Estonia's 2011 Euro Adoption Within Reach: IMF
10/27/2009 12:04 AM ET
(RTTNews) -
The International Monetary Fund on Monday said Estonia's euro adoption for 2011 remained within reach, as the country could meet all the Maastricht criteria, due to its recent budgetary and fiscal consolidation measures. However, the lender pointed out that even if euro adoption takes place as planned in 2011, it would by itself not trigger a major change in the pace of recovery for the economy.
The IMF noted that although there were signs that the fall in Estonia's output was starting to bottom out, the economy could resume growth only by the middle of next year.
The lender said export-led recovery could be difficult as many of Estonia's trading partners faced only sluggish growth. Moreover, it expects domestic demand to be subdued, due to the country's tight fiscal policies, high unemployment and debt burden.
by RTT Staff Writer
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