Allan Parik is the Chairman of the Management Board of SEB Estonia. He spoke on Vikerraadio about how he views the Estonian economy. Parik said that the bank is at the heart of life and sees how people are doing.
Parik is an optimist. He believes that the Estonian economy will improve. He sees that some companies are doing very well, while others are struggling. Small businesses suffer more than large companies.
Large companies can raise prices more easily than small businesses. Parik believes that small businesses need help to cope.
The labor market in Estonia is strong. Many people have jobs, but the wages are not high. Parik said that those who want to work will find it.
According to SEB Bank data, many people have little money before payday. This is a big problem. Parik said that this indicator has been stable over the years.
Parik also talked about real estate purchases. He said that many people are buying apartments and houses, which shows confidence in the economy.
Parik believes that the Estonian economy will grow next year. He said that Estonians are enterprising, and this helps the economy to improve.
Parik also discussed competition in banking. He said that banks in Estonia compete with their services. Parik believes that banking is a good thing in Estonia.