The Minister of Economic Affairs and Communications, Juhan Parts, said that hard times in Estonia’s economy will continue and that the real question is whether they will last for years or can we overcome the hardships in a shorter time, despite the changed conditions.

While commenting on the rising price of fuel that stalls the economy, Parts said that we shouldn’t get too exited when talking about the success of oil countries, because the deciding factor is going to be the reaction of USA’s new administration, writes postimees.ee.

Parts also points out three important steps the government could take to enliven the economy. Firstly expenses have to be controlled, meaning that the state budget for 2009 has to be realistic.

Secondly, a way to increase export has to be found. “Right now our industry is yet to orientate itself to foreign markets,” he said.

According to the Minister, a certain increase of interest can be seen in foreign investments and that chance has to be used.

Speaking from a longer perspective the minister warned that good things, like our advantageous economic environment, can’t be tossed aside. Science developments and innovation have to be promoted. By today, most such programmes are open for the market, he added.