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This is the second large economic crisis in Estonia since 1991 and the actions taken now will again have huge impact in terms of how we can turn our economy to growth once again.
The crisis from Covid-19 has hit all sectors of business in Estonia, most of all tourism and the hotel/catering sector. After three months we are coping with the new situation and making new plans to restructure for the quickest recovery. It has also given time for analysis regarding how best to navigate organisations through these extremely challenging times. We believe that the Estonian economy should be restored to the level before the crisis by early next year.
The government has launched support measures to boost the economy and mitigate the effects of the crisis, but more is expected in certain sectors. For instance tourism has lost 99% of business, the building sector expects new building contracts from the state to compensate next year’s fall in construction capacity from the private sector.
Priorities now are:
Creating and maintaining workplace safety now and in the next wave of the virus;
Organisation redesign to achieve operational effectiveness and resolve pain points;
Company leaders are reviewing current operating models, as well as the vision and strategy of organisations. This involves analysis of potential changes in skill requirements, necessary reporting lines, governance structures, processes and improved ways of working (remote working);
Analysing markets, company financial data, supply chains;
Financial support is available from commercial banks, the state-owned financial institution KredEx and state aid;
Leaders are considering strategic opportunities over the longer term.