The government and Eesti Pank had to absorb losses in the order of 220 million kroon, or 0.3% of GDP (gross domestic product). However, banking reforms helped reducing the number of non-performing loans to just 1.4% of total loans by the end of 1998. See IMF (International Monetary Fund) (1999). 25. See Ari, Chen and Ratnovski (2019). 26.
The second wave •  The events of the past weeks, however, show that the virus remains among us, and that in spite of all efforts, a second wave has not been – and potential subsequent waves may not be – avoided. This second wave is hitting economies that have not yet fully recovered from the earlier blow.