The environment has become more complicated for the global economy. The global economic picture improved at the end of last year in broadbrush terms, as inflation fell in different regions and the rate of growth picked up. Estonia's main export markets also showed signs of revival. Exports increased as foreign demand grew while there was some improvement in competitiveness, and GDP in Estonia started to grow at the end of last year having contracted for two and a half years. Growth is expected to become more embedded in the economy this year and next, but it will take time to climb out of the hole dug by the various crises.
