China was at the forefront of the COVID-19 crisis. As a consequence, the value of Chinese exports plummeted by 13% year-on-year at the first quarter of 2020.

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.

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.

Weak productivity growth raises domestic production costs and hinders the competiveness of export firms as well as economic growth.

Finland’s GDP grew 1.2% quarter-on-quarter in the first quarter of 2018 and 3.1% year-on-year. The Finnish economy has now grown for ten consecutive quarters.

An extensive use of restrictions on international trade would substantially weaken global trade and economic growth in Finland.

Caucasian and Central Asian regions host ethnically and culturally diverse populations, but the countries have a long history of political and economic integration.

Investment growth has been bolstered by e.g. the quickening of domestic demand and construction activity as well as monetary policy. There has been a substantial increase in exports, for example to Germany and China.