(AGENPARL) - Roma, 2 Settembre 2022(AGENPARL) – ven 02 settembre 2022 [IMF Country Reports](http://www.imf.org/external/pubs/cat/scr1_sp.aspx?s_year=1997&e_year=2012&brtype=default)
[Open in your browser](http://www.imf.org/en/Publications/CR/Issues/2022/09/01/Republic-of-Estonia-2022-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-522805?cid=em-COM-123-45325)
http://www.imf.org/en/Publications/CR/Issues/2022/09/01/Republic-of-Estonia-2022-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-522805?cid=em-COM-123-45325
[Country Report No. 2022/289 : Republic of Estonia: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Estonia](http://www.imf.org/en/Publications/CR/Issues/2022/09/01/Republic-of-Estonia-2022-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-522805?cid=em-COM-123-45325)
SEPTEMBER 02, 2022
http://www.imf.org/en/Publications/CR/Issues/2022/09/01/Republic-of-Estonia-2022-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-522805?cid=em-COM-123-45325
Estonia’s economy is vulnerable to the fallout from the war in Ukraine given its geographical proximity to Russia, the geopolitical context, and high passthrough from global energy prices to domestic inflation. Although direct exposures to Russia and Ukraine through trade, services, and financial channels appear to be contained, the war is already significantly affecting economic confidence. Nevertheless, economic activity has progressively adapted to the pandemic, rebounding strongly in 2021, and as of mid-2022, remaining resilient to the headwinds from the war. Inflation has surged into double digits and is increasingly broad-based.
[READ MORE](http://www.imf.org/en/Publications/CR/Issues/2022/09/01/Republic-of-Estonia-2022-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-522805?cid=em-COM-123-45325)
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