Estonia is a modern market economy and one of the most liberal economies in the world. The Wall Street Journal and Heritage Foundation's Index of Economic Freedom 2010 ranks Estonia in the 16th position out of 179 countries. Throughout the last decade Estonia's economy has experienced a significant development as it was growing by an average of almost 9% per year in the period 2000- 2007. In 2007 Gross Domestic Product (GDP) growth of 6.3% placed the country among the fastest growing economies in the region. The economic expansion, however, was based on macroeconomic risks that eventually resulted into a recession during the year 2009, as GDP dropped nearly 14%.++ more
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