Browsing by Subject "employment"

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  • Juvonen, Petteri; Obstbaum, Meri (2017)
    Bank of Finland. Bulletin 5/2017
    According to a new structural unemployment indicator based on labour market flows developed by the Bank of Finland, unemployment is currently close to the structural level in Finland and cannot therefore be expected to decline very rapidly in the immediate years ahead. After the financial crisis, structural unemployment grew almost without a pause until very recently, since the flow out of unemployment dried up. This reflects the fact that, during the recession following the financial crisis, people who have lost their jobs have experienced difficulties in finding a new job, possibly because new jobs may have been created in sectors and/or geographical locations other than those where they disappeared. However, with the upturn in economic growth the probability of finding a job has begun to improve, which will with time also reduce structural unemployment.
  • Bank of Finland (2019)
    Bank of Finland. Bulletin 3/2019
    Finland’s economic growth will slow in the forecast period to close to its potential rate. GDP will grow 1.6% in 2019 and 1.5% in 2020. Thereafter, the pace of growth will ease to 1.3% in 2021.
  • Bank of Finland (2019)
    Bank of Finland. Bulletin 3/2019
    Editorial: Public finances need more room for manoeuvre 3 Slowing growth in the shadow of global uncertainties 7 Improvements in employment held back by population ageing 38 Measures of core inflation filter out temporary price changes 40 Alternative scenario: Raising the employment rate to 75% will require much faster economic growth 43 Most recent statistical data point to faster-than-expected moderation of economic growth 50 What factors influence house prices and residential construction? 54 Forecast tables for 2019–2021 70
  • Bank of Finland (2019)
    Bank of Finland. Bulletin 5/2018
    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.
  • Manninen, Otso (2017)
    Bank of Finland. Bulletin 2/2017
    A broader funding base especially for growth-oriented small and medium-sized enterprises would boost economic growth and employment. Cross-border capital flows would promote private risk sharing in Europe. To support these objectives, the European Commission has designed and partly implemented a Capital Markets Union. So far, the project to build a single market for capital has advanced at a relatively good pace, but now there are some difficult issues ahead, such as harmonisation of taxation and insolvency law. Although the toughest challenges still loom ahead, this should not be allowed to prevent completion of the initiative.
  • Kajanoja, Lauri (2019)
    Bank of Finland. Bulletin 3/2019
    Finnish cost-competitiveness has improved in recent years, following a long period of deterioration. The greatest improvement in cost-competitiveness was seen in 2017, when the Competitiveness Pact entered into force. According to different indicators, cost-competiveness remained mostly flat in 2018 or improved slightly. Similarly, forecasts for 2019 predict neither significant improvement nor deterioration in cost-competitiveness. From the perspective of employment and output in the economy's tradable sector, it would be prudent to see a further slight improvement.
  • Kilponen, Juha; Kontulainen, Jarmo (2021)
    Bank of Finland. Bulletin 4/2021
    The ECB’s revised monetary policy strategy has now been adopted. The new 2% inflation target is clear and unambiguous. The target is symmetric, meaning both negative and positive deviations of inflation from the target are considered as equally undesirable. Commitment to the symmetric inflation target requires especially forceful or persistent monetary policy measures when interest rates are close to their effective lower bound. This may imply a transitory period in which inflation is moderately above target. A medium-term orientation with the inflation target also allows the ECB to emphasise sustainable growth and full employment in its decision-making. In its monetary policy, the ECB also takes into account environmental sustainability, in line with the new climate-related action plan.
  • Rehn, Olli (2021)
    Bank of Finland. Bulletin 3/2021
    According to the Bank of Finland’s new forecast, the COVID crisis will not cause a substantial long-term drop in the Finland’s GDP. This is clearly good news. Generally, when the economy returns to growth following a deep economic crisis, output does not return to the pre-crisis trend, but to a lower trajectory. This time we expect the outcome will be better. In this respect, the extensive, strong economic policy response to the crisis can be considered a success. The public finances will, however, be left with a long-term scar.
  • Rehn, Olli (2020)
    Bank of Finland. Bulletin 5/2020
    The lockdown measures introduced to contain the global health crisis posed by the coronavirus pandemic led to a sharp contraction in economic activity during the second quarter of 2020. The world economy has already entered a fragile recovery, but one that will take a long time.
  • Rehn, Olli (2019)
    Bank of Finland. Bulletin 3/2019
    Active measures to strengthen the public finances should be taken when the economy is in good heart.
  • Mäki-Fränti, Petri (2019)
    Bank of Finland Bulletin. Analysis
    Educational attainment among the Finnish working-age population is still high by international standards. Yet growth in the educational attainment of young adults has already started to slow, and 40–44-year-olds are now the age group with the highest level of educational attainment in Finland. Pursuing education, however, and completing a tertiary degree in particular, still remains financially worthwhile.
  • Orjasniemi, Seppo; Viertola, Hannu (2015)
    Bank of Finland. Bulletin 3/2015
    The decline in exports has been the most important factor behind the contraction in GDP since 2008. The impact of this decline is also felt in sectors that traditionally focus on the domestic market, as the production of intermediate inputs for exports ties up a considerable amount of resources. Exports have had a significant indirect impact on employment. The overall drop in employment has, however, remained moderate, as employment has been sustained by domestic demand.
  • Bank of Finland (2018)
    Bank of Finland. Bulletin 1/2018
    The growth outlook for the global economy is strong. Growth is supported by a synchronized expansion in several key economic regions, accommodative monetary policy, and fiscal stimulus in the United States. China continues to pursue rapid growth, while the accumulation of debt continues. Growth is reducing economic slack in several countries simultaneously, leading to a gradual increase in inflationary pressures. If favourable developments continue, monetary policy in key countries is expected to tighten gradually.
  • Bank of Finland (2015)
    Bank of Finland. Bulletin 5/2015
    Immigration will bring about a favourable change in the age structure, as the majority of immigrants are young adults. The effects on the public finances will above all depend on the impact of population growth on the costs of various publicly funded services and on the labour market performance of the immigrants. While population growth increases the costs of some publicly funded services, not all the costs will grow proportionally with the population. The average employment rate for immigrants is lower than for natives but it can be influenced. Immigration does not appear to weaken the employment prospects for the native population.
  • Bank of Finland (2017)
    Bank of Finland. Bulletin 4/2017
    Global economic growth is broadly based and brisk in the current year. World trade, in turn, is experiencing a growth spurt. At the same time, inflation remains subdued. After an upward spike stemming from oil prices at the turn of the year, inflation has moderated again globally.
  • Kinnunen, Helvi; Mäki-Fränti, Petri (2017)
    Bank of Finland. Bulletin 5/2017
    Well-educated people typically earn more than those with a lower level of education. This article discusses the financial benefits of education when, in addition to earnings level, we also take into account the better employment prospects of people with higher education. A higher education degree would still appear to be a profitable investment, especially for men.
  • Bank of Finland (2019)
    Bank of Finland. Bulletin 3/2019
    The employment rate is the key indicator of employment developments and the conditions for meeting public expenditure. However, with the ageing of the population, a rise in the employment rate (i.e. the ratio of employed persons to the 15–64-year-old population) no longer automatically implies an increase in the number of employed, as the rise may reflect a reduction in the working-age population as well as an increase in the number of employed persons.
  • Bank of Finland (2021)
    Bank of Finland Bulletin. Analysis
    The Finnish economy strengthened faster than expected in the course of spring and summer 2021. For the year as a whole, the interim forecast of September 2021 projects stronger economic growth than the June forecast. The major uncertainties surrounding the forecast in the immediate years ahead relate to the progress of the pandemic both in Finland and globally. While robust economic growth will continue in 2022, the rate of growth is expected to taper off towards the end of the forecast horizon in 2023 and resume its long-term growth path.
  • Vanhala, Juuso; Virén, Matti (2016)
    Bank of Finland. Bulletin 3/2016
    The establishment and growth of new firms is important for job creation, but companies are not all the same. A small number of firms create a significant portion of new jobs, while in a large portion of firms job creation remains limited or the number of jobs is actually decreasing. New firms include a relatively high number of ‘gazelles’, firms that increase the number of jobs at a rapid pace. At the same time, however, only a small portion of new firms survive the ‘valley of death’ of the first years following entry. It is difficult to identify rapidly growing businesses in advance, and high growth at the outset does not typically predict high growth in the future.
  • Itkonen, Juha; Obstbaum, Meri (2017)
    Bank of Finland. Bulletin 5/2016
    In developed economies, the recovery from the financial crisis has been exceptionally arduous and productivity development in particular has been very subdued. Speculation has abounded as to whether economic growth will stay low on a more permanent basis. At the same time, global trends in international trade and technological development are reshaping production and employment structures. Accelerated automation and a decline in labour income share have raised concerns about decreasing employment, contracting wages and increasing inequality in the long term.