The government of Estonia announced that the economic crisis kicked off in the country. The situation has drastically worsened over the last two months. Mart Helme, the Finance Minister said so as quoted by ERR.
"The figures show that there it's the worst fall since 2008. And it will have consequences in real life. The budgets of enterprises will get cut rapidly, and the banks will start calling off their loans or demanding extra funds. The enterprises that are capable of funding themselves with issuing bonds will not be able to do that", he said.
Helme noted that it's the worst situation in the economy of Estonia ever. "We don't have the opportunity to forecast what's going to happen in two weeks or two months", the head of the authority said.
According to the official, the Western governments are now in a much tougher situation than during the 2008 world economic crisis.
Recently, Estonian medics reported the first case of Covid-2019 in this country; a patient is a man who returned from Iran.