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picture News February, 26 2021
image: The Business Climate The Business Climate

The current and upcoming Business Climate was in focus as SCCE met for a Business Breakfast Seminar at SEB’s Innovation Center in Tallinn, Thursday 21 November.


- The main magic key to resolve Estonian and pan-Baltic labor and global concerns is automation and wider use of advanced technology, said Artjom Sokolov, Head of SEB Corporates and Institutions Area, as he presented the bank’s 2019 Survey on Business Climate Development, made among financial managers of large Baltic companies.

- We asked the financial managers about their company’s strategy, development and business environment. Their main issues concerned continued lack of general and skilled labor, causing the companies to consider more foreign labor, and that the readiness to invest in their company’s development stays on a high level despite global political concerns, concluded Artjom Sokolov.


- The economic growth is already decelerating in all three Baltic countries, said Mihkel Nestor, Macroeconomist at SEB, as he presented the bank’s latest Nordic Outlook.

- The main upcoming scenario is mediocre growth, but negative surprises cannot be ruled out. Exports will take the first hit, but problems can spread to domestically oriented sectors. Problems in the construction sector are likely and lack of labor will continue. Furthermore, all Baltic countries are expected to be negatively affected by the next EU financing period, which will decrease public investments. However, we expect the growth in private consumption to remain healthy, concluded Mihkel Nestor.


On behalf of the SCCE, I would like to thank Artjom Sokolov and Mihkel Nestor for their very interesting presentations. My thanks also go to SEB for a good cooperation in arranging our joint Business Breakfast and a very nice set up of the Seminar.


Kristiina Brodén - SCCE Ombudsman

read more:
· The Business Climate

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