Estonia’s central bank, the Bank of Estonia, foresees growing unemployment in the near future, ERR reports. Orsolya Soosaar, economist at the Bank of Estonia, expects the country’s unemployment rate to reach double digits in 2024. In late September 2023, the central bank forecast that unemployment would rise to 8% in 2024. Soosaar said that the forecast was not accurate, however. The Bank of Estonia notes that the labour market reacts to changes in the economic situation with a lag. Estonia’s GDP has been declining for a year and a half now.