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TALLINN, March 25 (Reuters) - The Estonian economy will shrink at least 6% in 2020 due to the coronavirus outbreak and could fall by up to 14% if the situation does not ease before the beginning of August, the Estonian central bank said on Wednesday.
Estonia’s government has closed the borders and banned public events until May 1 but the central bank said this could well be delayed, causing economy to shrink by more than 6%.
“Every week this situation is prolonged in Estonia and the recovery of export markets is delayed will hit annual growth by roughly half a percentage point,” the central bank said in a statement.
“If the situation eases quickly, the Estonian economy should recover relatively fast and we can see fast growth next year,” it said. (Reporting by Tarmo Virki; editing by Jason Neely)