News

The Corona pandemic may increase hidden protectionism in the export markets of the Estonian food industries, the Foresight Centre report “The Impact of the Virus Crisis on the Estonian Economy. Scenarios up to 2030” shows. During the first wave of the virus, the monthly turnover in the manufacture of beverages dropped by 20.6%; the greatest decline in the manufacture of food products, 6.9%, took place in April.

Hospitality, catering and travel services were hit the hardest by the first wave of the coronavirus, shows the Foresight Centre report “The Impact of the Virus Crisis on the Estonian Economy. Scenarios up to 2030”, soon to be published. The monthly turnover of the whole sector dropped by 76.2% compared to earlier, while travel companies saw their turnover drop by 98.3%.

The Estonian wood and paper industry resisted the economic impacts of the first wave of the coronavirus better than the average, the Foresight Centre report “The Impact of Virus Crisis on the Estonian Economy” shows. The turnovers of the industry started to recover already in June.

In Estonia, the information technology and communications sector was the least hit by the first wave of the coronavirus in spring, while accommodation providers, caterers and travel agents found themselves in the most difficult situation, the Foresight Centre report “The Impact of Virus Crisis on the Estonian Economy” shows.

The study commissioned by the Foresight Centre shows that during the next 15 years, the development of the rural regions of Estonia is the most affected by technological innovation in industrial production and population trends and the spread of new forms of working.