Estonia has made remarkable progress over the past two decades, achieving steady convergence towards more advanced EU economies. However, signs of erosion in external performance have emerged in recent years, reflecting rapid growth in unit labor cost and real exchange rate appreciation. Russia’s invasion of Ukraine triggered a large rise in inflation, supply chain disruptions and slower growth in key trading partners in the Baltic region. In Estonia, these developments, combined with fiscal tightening in 2022, have led to a sharp economic downturn, while deceleration in productivity has exacerbated competitiveness erosion.
Russia’s war on Ukraine triggered supply side disruptions, shifting up price and cost levels compared to the euro area average and hurting competitiveness. These developments added to longer-standing problems. Estonia’s export market share has stalled since soon after the GFC as productivity growth fell and the country’s previous competitive edge slowly eroded.
Estonian living standards have doubled since 2000 and income convergence was steady prior to the pandemic, although per capita GDP and productivity remain below the OECD averages. The economy experienced a severe downturn due to disruptions in trade, weaker export demand, high inflation and tight monetary conditions. With improvements in external demand, growth should start to recover this year.
Any journey with Alexander Theroux is an education. Possessed of a razor-sharp and hyperliterate mind, he stands beside Thomas Pynchon as one of the sharpest cultural commentators of our time. So when he decided to accompany his wife ― the artist Sarah Son-Theroux ― on her Fulbright Scholarship to Estonia, it occasioned this penetrating examination of a country that, for many, seems alien and distanced from the modern world. For Theroux, the country and its people become a puzzle. His fascination with their language, manners, and legacy of occupation and subordination lead him to a revelatory examination of Estonia’s peculiar place in European history. All the while, his trademark acrobatic allusions, quotations, and digressions ― which take us fromHamlet through Jean Cocteau to Married… with Children ― render his travels as much internal and psychical as they are external and physical. Through these obsessive references to Western culture, we come to appreciate how insular the country has become, yet also marvel at its fierce individuality and preternatural beauty ― such is the skill of Theroux’s gaze. This travelogue of his nine months abroad also brims with anecdotes of Theroux’s encounters with Estonian people and ― in some of its most bitterly comedic episodes ― his fellow Americans whom he at times feels more alienated from than the frosty, humorless Europeans. Estonia: A Ramble Through the Periphery is as biting and satirical as it is witty and urbane; as curious and lyrical as it is brash and irreverent. It marks a new highlight in an already stellar career and a book that continues Fantagraphics’ exceptional line of prose works.
Inclusive and sustainable economic growth in the six Western Balkan (WB6) economies depends on greater economic competitiveness. Although the gap is closing gradually, the standards of living in WB6 are well below those of the OECD and EU. Accelerating the rate of socio-economic convergence will require a holistic and growth oriented approach to policy making. This is the fourth study of the region (formerly under the title 'Competitiveness in South East Europe') and it comprehensively assesses policy reforms in the WB6 economies across 15 policy areas key to strengthening their competitiveness. It enables WB6 economies to compare economic performance against regional peers, as well as EU-OECD good practices and standards, and to design future policies based on rich evidence and actionable policy recommendations. The regional profile presents assessment findings across five policy clusters crucial to accelerating socio-economic convergence of the WB6 by fostering regional co-operation: business environment, skills, infrastructure and connectivity, digital transformation and greening. Economy-specific profiles complement the regional assessment, offering each WB6 economy an in-depth analysis of their policies supporting competitiveness. They also track the implementation of the previous 2021 study's recommendations and provide additional ones tailored to the economies’ evolving challenges. These recommendations aim to inform structural economic reforms and facilitate the region’s socio-economic convergence towards the standards of the EU and OECD.
Technology and entrepreneurship converge in the digital era, presenting many possibilities and hurdles. One of the most pressing issues facing entrepreneurs is the ability to harness the power of artificial intelligence (AI) to drive innovation and create sustainable businesses. While AI holds immense potential for transforming entrepreneurial ideas across various fields, many individuals and organizations need help understanding its practical applications and implications. Generating Entrepreneurial Ideas With AI offers a comprehensive solution to this challenge. By examining the intersection of AI and entrepreneurship from a multidisciplinary perspective, we provide readers with invaluable insights and strategies for leveraging AI to enhance their entrepreneurial endeavors. This book is designed for students, entrepreneurs, policymakers, and academics. It is a practical guide and roadmap for integrating AI into entrepreneurial practices. Through a series of in-depth analyses and case studies, we demonstrate how AI can effectively identify new business opportunities, optimize operations, and enhance the overall competitiveness of ventures.
