Estonian Economy and Monetary Policy 4/2020

A second wave of the coronavirus has pushed the global economy back into recession in the final third of the year. After the outbreak of the disease in spring faded and restrictions were eased, the global economy recovered quite strongly. The global purchasing managers index still showed in early autumn that output orders were increasing, while international trade was improving and the sectors of tourism, accommodation and restaurants that had been hit particularly hard were showing some signs of recovery. The new outbreak of the virus has again increased restrictions, dealing a sizeable blow to economic results for the fourth quarter.