title: Republic of Estonia
abstract: s war in Ukraine and the upsurge in inflation have significantly slowed Estonia's strong recovery from the COVID-19 shock. Economic activity and the health system have been broadly resilient to COVID-19 and have progressively adapted to the pandemic, despite the high caseload from the recent Omicron wave. The sharp output rebound in 2021 was mostly driven by large policy support, pension savings withdrawals, and strong foreign investment. However, the economy is vulnerable to fallout from the wa
journal: IMF Staff Country Reports