Bank of Finland articles on the economy
Bank of Finland Bulletin 3/2020 - Economic forecast for the Finnish economy
Published 9 Jun 2020
pdf, 654 kB
Bank of Finland Bulletin 2/2020 - Financial stability
Published 20 May 2020
pdf, 1.70 MB
The worst-case scenario in the corona spring did not materialise, but we will still need stamina for the long haul9 June 2020, Bank of Finland Bulletin 3/2020
Healthy public finances provide an irreplaceable shield when we hit hard times. It is important to focus the fiscal policy stimulus effectively and take forward structural reforms. Finland’s labour market, too, has a vital role to play as the economy enters the recovery phase.
Regulation has strengthened the financial system’s resilience5 May 2020, Bank of Finland Bulletin 2/2020
Financial institutions' solvency and liquidity positions have been strengthened since the global financial crisis. A well-functioning banking sector together with government relief measures will bolster the economy's outset for growth once the crisis subsides.
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The Bank of Finland estimate puts the sustainability gap in Finland’s public finances at 4.7%. If public expenditures over the long term continue to be larger than revenues, public debt will eventually begin to grow out of control.
Global uncertainties are weakening investment growth in Finland. A similar effect is being exerted by structural factors in the domestic economy.
Finland’s economic boom is over and growth will slow temporarily, in step with global developments. The foundations for continued growth are, however, still in place. Monetary policy continues to be accommodative, and households’ purchasing power is growing.
The alternative scenario attached to the forecast for the Finnish economy analyses what implications a delay in the recovery of the global economy would have for the Finnish economy.
Fiscal buffers should be accumulated when the economic situation is relatively bright. This would help to reduce the sustainability gap in the public finances and improve readiness for future recessions.
Finland’s annual economic growth will slow temporarily. The difficulties in the global economy will also affect Finland. The prerequisites for growth are, however, still in place. See our accessible summary.
The Finnish economy is still going through a period of transition in which it has to adjust to two large structural realignments.
See forecast tables for the Finnish economy in 2019–2022 (Dec 2019).
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