OREANDA-NEWS. November 09, 2009. Deputy Governor of Eesti Pank MARTEN ROSS gave a presentation to foreign analysts and journalist in Helsinki. He said that Estonia's economic growth would be around 1 % in 2010 and close to 5% in 2011, reported the press-centre of Eesti Pank. 

"Economic growth plays an important role in the recovery of foreign demand, since most of the Estonian economy is closely integrated in the supply chain of the companies of Finland and Sweden. With Estonia close to meeting all the Maastricht criteria, the perspective of acceding to the euro area, also supports growth. Postponement of the changeover would put a drag on growth and keep it at lower levels," said Ross.

Andrus Saalik, Head of the Macroeconomic Policy Department of the Ministry of Finance said in his presentation that the decisions passed in 2009 to contain the fiscal deficit are already showing results and keeping the deficit below 3% is an accomplishable goal. "We are monitoring the fiscal deficit developments very closely and should it become necessary, we are also prepared to take additional measures to improve the position," he added.

When speaking about the 2010 budget, Saalik highlighted as positive and growth-enhancing factors a considerable increase in investment and the channelling of additional resources into education and business.

Deputy Governor of Eesti Pank Marten Ross and Head of the Macroeconomic Policy Department of the Ministry of Finance Andrus Saalik spoke at the seminar organised for foreign analysts and journalists held at the Estonian Embassy in Helsinki. The seminar was attended by Finnish larger media publications and representatives of the banking and public sector.