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2022 OECD Economic Outlook, Volume 2022 Issue 1

image of OECD Economic Outlook, Volume 2022 Issue 1

The war in Ukraine is a major humanitarian crisis with associated economic shocks that threaten the post-pandemic recovery. The OECD Economic Outlook, Volume 2022 Issue 1, highlights the implications and risks for growth, inflation and living standards from higher commodity prices and potential disruptions to energy and food supplies, and discusses the associated policy challenges.

This issue includes a general assessment of the macro-economic situation and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD Members as well as for selected partner economies.

English Also available in: Italian, French

Estonia

After a very robust expansion in 2021, GDP growth is expected to slow to 1.3% in 2022 and 1.8% in 2023, owing to the war in Ukraine. Household purchasing power is suffering as inflation far outpasses nominal wage growth. Export opportunities are expected to shrink, which, together with reduced confidence, will weaken investment. The gradual drawdown of savings accumulated during the pandemic and in individual pension funds, as well as the inflow of EU funds, will support the economy. Unemployment is expected to increase, as a large number of refugees are entering the country and not all of them are likely to find jobs immediately.

English Also available in: French

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