Economic growth has passed its cyclical peak
Finnish growth will continue, but at a slower pace than in recent years. There is no returning to the growth rate that preceded the financial crisis.
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Now is an opportune time to strengthen fiscal buffers
Rainy-day buffers ought to be strengthened during years of solid growth, so that fiscal space is available for tackling future recessions and other unwelcome surprises.
Slow productivity growth hinders export growth
Weak productivity growth raises domestic production costs and hinders the competiveness of export firms as well as economic growth.
Several reasons behind weak labour productivity
Weak productivity developments are being caused by structural changes in the economy, such as the decline of ICT manufacturing, and by the slowing of productivity growth within industries themselves.
Divergence of productivity growth in Finnish companies
The number of low-productivity firms in Finland is large, but average productivity is being raised by a small pack of frontrunners. Even in such frontier firms, productivity growth is mostly torpid.
Sustainability of Finland’s public finances
Finland’s debt-to-GDP ratio doubled after the financial crisis. This trajectory is now on the decline, but population aging will raise public expenditure, and threatens to tilt the debt ratio upwards.
Are Finns living beyond their means?
Finns have consumed at levels above their incomes, accumulating more debt than new wealth. Household saving is nevertheless similar to that of the other Nordic countries.