Russia’s invasion of Ukraine has cast a new veil of gloom over the outlook for Finland’s economy. In the two scenarios, the war in Ukraine will increase inflation and slow Finland’s GDP growth in the current year between 0.5% and 2%. The economic impact could be prolonged.
The IMF’s new comprehensive Climate Strategy is a clear signal that the IMF intends to meet the challenge of climate change. The new Climate Strategy emphasizes the significant impacts that climate risks, climate policy actions as well as adaptation and transition needs will have on macroeconomic stability and envisions integrating climate change into most surveillance and capacity development activities.
The shock of the COVID-19 pandemic and the associated deterioration in the economic outlook has exacerbated solvency concerns and increased the risks of debt restructurings in low-income countries (LICs).
Due to climate change, extreme weather events will become more frequent, resulting in material damage to buildings and other infrastructure. In Finland, for example, this will probably increase the risk of coastal floods.
According to the Bank of Finland’s assessment, Finnish GDP will contract by 4.7% in 2020. Even though the recession appears to be shallower than feared in the spring, it is still deep, and recovery will be slow.
There are no immediate threats to the stability of the Finnish financial system. The relocation of Nordea’s corporate headquarters will, however, increase the banking sector’s exposure to structural vulnerabilities.
Major central banks have cut interest rates close to zero and introduced non-standard policy measures. What are the theoretical foundations of these policies and what do we know about their effects on financial asset prices?
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