Quick moves, a rainy-day fund, and close ties to Scandinavia set this Baltic nation apart from its neighbors when the crash came—and helped it recover faster
Justin Vela, Transitions Online (via Bloomberg Businessweek) It sometimes makes sense to lump together Estonia, Latvia, and Lithuania into a grouping called the Baltic states – when talking about their common 20th century experience of foreign domination, for instance, or, more recently, entry into NATO and the EU.
But in the most fundamental ways – histories, languages, and, now, economies – they are different. Nothing has shown that more clearly recently than Estonia's outpacing its neighbors as it climbs out of the financial hole of the worldwide recession.
"Estonia is recovering first because the economy was stronger in the beginning," said Heikki Maki, vice president of Elcoteq (ELQAV:FH), a Finnish electronics manufacturer operating in Estonia since 1992.
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