Panel of experts: supporting of the economy must be well thought through and forward-looking

Stenbock House, Tallinn, 29 June 2020 – A panel of experts tasked with advising the government on the issues of restarting the economy assembled for their first session today. The experts admitted that even though there are already some positive signs of economic progress, it is still not fully clear what is in store for us in the second half of the year. The main idea was that it is necessary to look for and successfully take advantage of the opportunities offered by the rapidly changing world in the midst of the pandemic. The state can certainly provide assistance here, for example by flexible and efficient retraining, as well as by facilitating investments. Detailed proposals for invigorating the economy will be agreed on in the course of the summer.
“Security of the society, as well as the development of export, are very important factors economic recovery, and these factors largely depend on what is happening in our partner countries,” said Prime Minister Jüri Ratas. According to him, some figures indicate a surprisingly rapid recovery. “For example, the activity of consumption is slowly increasing and the interest in grace periods for loans is decreasing. In addition, the people of Estonia are prepared to support domestic tourism.”
“Some brave and thought-provoking proposals were made in today’s session, which I would like to discuss individually with the members of the panel of experts. The panel of experts is prepared to provide an input for the Economic Development Committee by the middle of August and then, it is time to discuss the measures for supporting the economy in the government, as the budget negotiations for next year will also begin,” the prime minister added.
The business managers and experts of economy included in the panel of experts also noted that the coronavirus crisis has accelerated many important processes which were already ongoing in the Estonian economy – for example, teleworking and online services. Furthermore, it is necessary to think about digitalisation, robotisation, and automation of the industry and about education and retraining for the people to be able to do smarter and more profitable work. The need for transferring to green energy was also stressed in the meeting and the need to make effort to remain the flagship of digital countries worldwide. We have the experiences and solutions which would be useful for countries where the understanding of the importance of digital solutions has developed significantly during the pandemic.
Members of the panel of experts are Raul Eamets, Ardo Hansson, Alo Ivask, Väino Kaldoja, Erki Kilu, Arno Kütt, Toomas Luman, Kadri Männasoo, Piret Mürk-Dubout, Peep Peterson, Jaan Pillesaar, Indrek Neivelt, Kai Realo, Ivo Suursoo, and Kadri Ukrainski.
The work of the panel of experts is headed by the prime minister and organised by the Strategy Unit of the Government Office.