Estonia
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Since the last Russian troops left in 1994, Estonia has been free to promote economic and political ties with Western Europe. It joined both NATO and the EU in the spring of 2004. Estonia, a 2004 European Union entrant, has a modern market-based economy and one of the highest per capita income levels in Central Europe. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, and Germany. The current government has pursued relatively sound fiscal policies, resulting in balanced budgets and low public debt. In 2007, however, a large current account deficit and rising inflation put pressure on Estonia's currency, which is pegged to the euro, highlighting the need for growth in export-generating industries. Source: The World Factbook, CIA. |
After
centuries of Danish, Swedish, German, and Russian rule, Estonia attained
independence in 1918. Forcibly incorporated into the USSR in 1940 - an action
never recognized by the US - it regained its freedom in 1991, with the collapse
of the Soviet Union.