Estonia: economy down in 2020

The Estonian economy shrank by 2.9% YoY in 2020, state agency Statistics Estonia reported, while gross domestic product (GDP) fell by 1.2% in the fourth quarter of 2020. The culprit was primarily the COVID-19 pandemic and its ensuing restrictions, though foreign trade actually fared well given the conditions. Manufacturing, trade, accommodation and food services were…

Uzbekistan: country rating resilient to pandemic

Fitch Ratings maintained Uzbekistan’s Long-Term Foreign-Currency Issuer Default Rating at BB- with a Stable Outlook throughout 2020. “Uzbekistan has demonstrated resilience to the coronavirus pandemic, supported by its robust external and fiscal buffers, access to external financing and diversified economy. It was among the few sovereigns to avoid an economic contraction in 2020, as timely…