The global economy is cooling. High inflation together with rising interest rates have in recent months led economic activity to declinefurther.Supplyproblemsandrestrictionsimposed because of the pandemic have easedfrom their earlier peaks, but the reduction in purchasingpowerandincreaseduncertaintyarehemming demand in and clouding the outlook for growth at businesses. The global economy isweaker than was earlier forecast, and this is leavingtraces in the exporting opportunities of Estonianbusinesses. Estonia’s main export markets are inEurope, which is suffering relatively more from theenergy crisis than the rest of the world.
