Monetary accommodation has opened up space for other economic policies in the euro area, which needs to be put to good use by pursuing economic reforms. Productivity and employment growth ultimately rest on our ability to reform.

Educational attainment among the Finnish working-age population is still high by international standards.

Finland’s cost-competitiveness has improved in recent years. From the perspective of employment there would still be room for further improvement.

Finland’s economic growth will be slower during the next three years. Growth has also slowed in the euro area and elsewhere around the world. However, there are still possibilities for growth in the Finnish economy.

Even if the employment rate were to remain unchanged, the number of employed would decline by 15,000 over the years 2019–2021.

Active measures to strengthen the public finances should be taken when the economy is in good heart.

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.

The favourable outlook for the global economy is overshadowed by the threat of protectionism. In the euro area growth has picked up. Some of this acceleration is on a sustainable basis, but long-term growth is likely to remain slower than pre-crisis growth.