Inflation: 0.5%

Budget Balance (% GDP): - 2.7

Population: 5.8m

An early and strict lockdown, coupled with generous fiscal intervention, limited the
impact of covid-19 on health and the economy, and a rebound in 2021 will restore the
economy to its 2019 position. The prime minister, Mette Frederiksen, will benefit from
an atmosphere of national unity spurred by the crisis, and divisions between her Social
Democrat-led minority government and its “Red Bloc” centre-left allies will be buried
for now.

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Estonia

GDP growth: 4.3%

GDP per head: $24,590 (PPP: $39,130)

Inflation: 2.7%

Budget Balance (% GDP): - 4.3

Population: 1.3m

The government of prime minister Juri Ratas, a coalition of the Centre Party, the
Eurosceptic Conservative People’s Party of Estonia (EKRE) and the conservative Isamaa,
has set aside its internal divisions to confront covid-19, but disagreements over issues
such as immigration will resurface as the health crisis subsides. Infections have been
relatively few, but the economy is reeling from a recession in key export markets.
Persistent unemployment and falling wages will hurt growth.