recession Estonia’s gap in income and productivity levels compared with the EU average was still around 30% and as the country …Estonia has already experienced many benefits of increasing international integration, most obviously in significant … convergence. From the Russian crisis in 1998 to the great recession in 2009 Estonia gained an impressive 20% in GDP per capita …

This paper explores the business cycle in Bulgaria and the Baltic countries: Estonia, Latvia and Lithuania during the … and data series show that the major drop in output was due to productivity. In addition, the timing of the banking reforms …