According to the forecast, Finland’s economic growth will be slow and well behind that of the euro area. Foreign trade is not recovering as expected, and growth will continue to depend on domestic demand. There will be no significant improvement in the public finances.
The international economic situation, Finland’s problems with competitiveness and the uncertainty surrounding economic policy could, according to the forecast’s risk assessment, mean a slower pace of investment and export recovery.
Immigration will bring about a more favourable age structure, as the vast majority of immigrants are young adults. The impact on the public finances will depend on how successful immigrants are in finding work.
According to the Bank of Finland’s assessment of the country’s public finances, the growth in public debt is a cause for concern. Finland’s long-term outlook for growth is weak, and expenditure is increasing apace.
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