Wednesday, the Bank of Estonia said in a report that the country's GDP may contract by between 8.4% and 15.3% in the current year.

Moreover, the central bank forecasts the economy to shrink by upto 4.6% in 2010, or in the best case scenario, grow upto 1.2%. In 2011, the central bank expects the economy to recover, and grow by between 1.9% and 5.4%.

Meanwhile, the Bank of Estonia expects consumer prices to fall by between 0.4% and 0.6% in the current year, and by between 1.5% and 4% in 2010.

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