Tallinn - The Estonian central bank, Eesti Pank, dropped its outlook for economic growth Wednesday in the latest sign that the recession hitting the Baltic region will be worse than previously forecast.
"According to Eesti Pank's spring forecast, this year's economic downturn in Estonia will be around 12 per cent. The majority of economic experts do not expect growth in the world (and also in Estonia) to resume before 2010," said an economic policy statement released by the bank.