Browsing by Subject "COVID-19 pandemic"

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  • Bank of Finland (2021)
    Bank of Finland. Bulletin 2/2021
    Payments are changing. In the same way that technological progress influences so many of the day-to-day activities of households and businesses, it affects how we make payments. The coronavirus pandemic has irreversibly changed how we live during the past year and has accelerated many long-brewing developments. The future of payments may arrive sooner than anticipated just one year ago.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 1/2021
    The crisis caused by the COVID-19 pandemic swept the Finnish economy into a sudden recession in 2020, but the progress with vaccinations means we can already see light at the end of the tunnel. The negative economic impacts of the crisis have so far been less than feared, and the most recent economic forecasts are encouraging.
  • Sintonen, Meri; Takala, Kari; Hellqvist, Matti; Liikanen, Jenni (2021)
    Bank of Finland. Bulletin 2/2021
    The COVID-19 pandemic has accelerated changes in the use of payment methods in Finland. Nearly half of Finns have reduced their use of cash during the pandemic, and most believe that their use of cash has decreased permanently. Contactless and mobile payments as well as online shopping had already grown in popularity, but due to the COVID-19 pandemic people have begun to use them more widely. Nevertheless, even today cash remains an important means of payment for many people, and it still serves as a fall-back in the event of disruptions to electronic payments.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 3/2021
    Economic growth will gather pace across the board as the pandemic eases. Strong consumer confidence, together with the release of pent-up demand, will support household consumption. Finnish exports will rapidly rise back towards pre-pandemic levels as export markets revive, with investments also supporting economic growth. The Finnish economy will grow 2.9% in 2021 and 3.0% in 2022. This fast pace of growth will, however, be only temporary, and in 2023, GDP growth will slow to 1.3%, reflecting the lacklustre longer-term growth prospects of an ageing economy.
  • Heikkinen, Päivi; Välimäki, Tuomas (2021)
    Bank of Finland. Bulletin 2/2021
    Payments are a basic function in society, the lifeblood of economic activity; if disrupted, this could bring society to a total standstill. It matters how payment services and the systems executing these services are designed, how they are managed and what costs are involved. New types of services enabled by technological progress, increasing competition as a result of deregulation and risks related to the digital environment have an impact on both payment services and the underlying arrangements. The coronavirus pandemic has irreversibly changed how we live during the past year and has accelerated many long-brewing developments. The future of payments may arrive sooner than anticipated just one year ago.
  • Kauko, Karlo; Loman, Tanja; Mäki-Fränti, Petri; Salenius, Tommi; Vauhkonen, Jukka (2021)
    Bank of Finland. Bulletin 1/2021
    The economic shock caused by the COVID-19 pandemic has reduced demand for goods and services offered by Finnish companies. Accommodation and catering services, in particular, have faced severe difficulties. The risks of corporate loans to banks and other corporate lenders have increased. The heightened risk has not, however, been reflected much in the average interest rates on new corporate loans from banks. So far, no significant amounts of credit losses have incurred from corporate loans, but payment-term arrangements have been used extensively.
  • Ahoniemi, Katja; Koskinen, Kimmo (2021)
    Bank of Finland. Bulletin 1/2021
    The COVID-19 pandemic has led to an increase in the credit risk faced by European banks. Although the pandemic’s negative impact on the economy has been eased thanks to various support measures, there is still much uncertainty attached to how the crisis will play out. Banks in general are showing stronger resilience to risk than they did in previous crises. The state of the banking sector will be assessed in spring 2021 by means of stress tests. If the stock of non-performing loans increases, it could be difficult for banks to continue supplying credit to the real economy. The European Commission has proposed an action plan to reduce the number of non-performing loans.
  • Jalasjoki, Pirkka; Kärkkäinen, Samu; Vanhala, Juuso (2021)
    Bank of Finland. Bulletin 3/2021
    A large number of firms fell into distress due to the COVID-19 pandemic and many households have been significantly affected by furloughs and lay-offs. However, the non-financial corporations sector improved its overall profitability in 2020, and the household sector as a whole accrued savings. At the same time, the general government deficit widened. Although these developments were influenced by the substantial rise in general government subsidies, social benefits and other support in 2020, this alone would not account for the other sectors’ strengthening their financial position. The positive developments in the household and non-financial corporations sectors nevertheless hide large differences within the sectors themselves.