Browsing by Subject "korona"

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  • Bank of Finland (2020)
    Bank of Finland. Bulletin 5/2020
    The global economic crisis caused by the coronavirus pandemic intensified in March 2020. The health crisis and the lockdown measures necessary to contain the epidemic led to an exceptionally sudden and sharp decline in output worldwide in the first half of the year. In 2020 as a whole, the global economy is expected to contract by about 4–6%, and the euro area economy by about 8–10%. The euro area economy would seem to be diving a little deeper this year than the United States, but the pace of recovery is very uncertain for both. China saw the most difficult phase of the epidemic and thus the sharpest economic contraction in the first quarter of 2020. China’s recovery has been facilitated by the production and export of remote work equipment and protective equipment for the coronavirus disease. The pandemic shock has had a dampening effect on inflation. Unemployment is on the rise, but the euro area has avoided sudden mass unemployment through furloughs and government aid.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 5/2020
    The worldwide economic crisis caused by the corona pandemic peaked in March 2020. In the early part of the year both output and consumption contracted suddenly and strongly; in other words, goods and services were both produced and consumed considerably less than before. The global economy is forecast to contract in the current year by around 4–6%, and the euro area economy by around 8–10%. Prior to the corona crisis, in 2019 the economy grew 2.9% globally, and 1.3% in the euro area. In the current year, the euro area economy would appear to be diving slightly deeper than the US economy, but the pace of recovery for both is very uncertain. Unemployment is growing, but in the euro area sudden mass unemployment has been avoided through the deployment of furloughs and various support measures.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 4/2021
    The global economy is recovering from the COVID-19 pandemic with the support of vaccines and economic policy. Inflation, or the increase in the general level of prices for goods and services, has accelerated globally as the economy has recovered. The increase in the pace of inflation will, however, begin to flatten out next year. The economy has recovered more rapidly in the United States than in the euro area. Forecasts suggest the euro area economy will reach its pre-crisis level towards the end of the current year. Central banks and governments in different countries have supported the economy in a variety of ways during the crisis. These stimulus measures have accelerated the economic recovery, but many countries have become heavily indebted during the pandemic. Reducing the debt burden is actually the next long-term economic challenge.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 3/2020
    The Finnish economy is experiencing a sharp contraction on account of the coronavirus pandemic. Gross domestic product will decline by around 7% in 2020. In the next 2 years, the economy will grow around 3% per annum. The forecast contains an exceptionally large degree of uncertainty. The contraction in the economy in 2020 could be only 5% or as much as 11%, depending on how the epidemic progresses in Finland and around the world, and what success there is in bringing it under control. The degree of success in controlling the epidemic will also determine how quickly the economy will recover. It will probably not be possible to avoid permanent losses of output, but economic policy can be used to mitigate their scale.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 5/2021
    The economy is continuing to recover from the steep downturn caused by the COVID-19 pandemic. The recovery is, however, being slowed by a worsening of the virus situation, shortfalls in raw materials and electronics components, and an increase in the general level of prices measured by the inflation rate. Economic growth will continue to be bolstered particularly by household spending on goods and services and investment by businesses. Once we have recovered from the recession, the pace of growth will slow, as the long-term outlook for the Finnish economy is overshadowed by the ageing population and the slow pace of labour productivity growth.
  • 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.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 3/2021
    The COVID-19 pandemic will ease due to the vaccination programme, and as a consequence the Finnish economy will start to grow at a brisk pace. As the COVID restrictions end and uncertainty decreases, households will be able to consume more freely. With economic growth also strong globally, this will give a fillip to Finland’s foreign trade. The pandemic is, however, not yet finally over. There is still the threat that it could worsen again, and this casts a shadow over both the growth outlook for Finland and that for the global economy as a whole. The Finnish economy will grow 2.9% in 2021 and 3.0% in 2022. The rapid growth will, however, be temporary, and the pace will slow to 1.3% already in 2023.
  • Tiililä, Nea (2020)
    Euro & talous. Blogi
    Koronakriisillä on mittavat vaikutukset Afrikan valtioihin. Itse taudin leviäminen alueella on ollut ennakoitua vähäisempää, mutta taloudelliset vaikutukset ovat sitäkin kauaskantoisempia. Alueen pitkä talouskasvun kausi on päättynyt ja Afrikka päätyy ensimmäiseen taantumaan 25 vuoteen. Maanosan valtioiden elvytysvara jää kauaksi kehittyneistä maista. Kriisin vaikutukset heijastuvat ennen kaikkea heikoimmassa asemassa oleviin ruuansaannin, koulutuksen ja välttämättömän terveydenhuollon heikentyessä.
  • Tiililä, Nea (2021)
    Euro & talous. Blogi
    Koronapandemian puhjettua keväällä 2020 rahoitusolot tiukkenivat ympäri maailman ja ulkoisen rahoituksen saanti vaikeutui äkillisesti. Kehittyneissä ja nousevissa talouksissa rahoitusolot palautuivat melko nopeasti mittavien raha- ja finanssipoliittisten toimien ansiosta. Sen sijaan monissa alhaisen tulotason maissa rahoitusolot ovat yhä pandemiaa edeltävää tasoa tiukemmat. Kireät rahoitusolot mm. hankaloittavat ulkoisen rahoituksen saantia ja estävät tärkeitä terveys-, sosiaali- ja talousuudistuksia.
  • Kärkkäinen, Samu; Viertola, Hannu (2021)
    Bank of Finland. Bulletin 3/2021
    The COVID-19 pandemic and resulting lockdown measures have imposed severe constraints on the consumption opportunities of households, and demand has especially collapsed in a number of service industries. Households have accumulated a significant amount of savings since early 2020 due to the shortfall in consumption caused by the pandemic. The release of these savings into private consumption or housing demand over the next few years may result in economic growth proving much stronger than anticipated in the baseline forecast.
  • Lindblad, Annika; Silvo, Aino; Viertola, Hannu (2021)
    Bank of Finland. Bulletin 5/2021
    Supply-side bottlenecks have weakened the momentum of global growth. Finnish manufacturing companies are also suffering from shipping disruptions and input shortages. Under a scenario prepared by the Bank of Finland, supply disruptions reduce GDP growth in Finland by around 0.5 percentage points in 2021.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 4/2020
    Monetary policy implementation in recent years has largely centred on asset purchase programmes and long-term refinancing operations. As a result, the balance sheets of the Eurosystem national central banks have grown significantly, while balance sheet risks related to monetary policy implementation have increased.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 2/2021
    COVID-19 is accelerating the payment revolution 3 Future of payments at hand 6 COVID-19 pandemic causing permanent change in payment habits 13 Payment and settlement systems subject to oversight 30
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 3/2021
    Bar raised for economic policy – demographic trend and public debt weigh on national economy ... 3 Forecast: Finnish economy takes off as pandemic eases ... 7 Households use their savings more quickly than anticipated ... 28 Public purse carried households and businesses through the COVID crisis ... 33 Forecast tables for 2021–2023 (June 2021) ... 44
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 5/2020
    Monetary policy is supporting economic recovery — but the outlook for employment remains weak 3 A fragile recovery from the pandemic crisis has begun 6 Corona crisis has increased the risk of stagnation in the euro area 46
  • Miettinen, Paavo; Saada, Adam; Tiililä, Nea; Vauhkonen, Jukka (2020)
    Bank of Finland. Bulletin 2/2020
    Stricter capital requirements since the global financial crisis have improved the ability of banks to lend and absorb losses in a crisis situation like the coronavirus pandemic. A robust lending capacity is now needed to finance fundamentally sound Finnish companies with liquidity needs. It must be ensured that banks are well-capitalised to withstand future loan losses.
  • Lindblad, Annika; Silvo, Aino (2020)
    Bank of Finland. Bulletin 3/2020
    Consumer confidence indicators are widely used in monitoring the economic cycle, as they are thought to contain forward-looking information on the path of the economy. Changes in consumer confidence have historically preceded shifts in the economic cycle by about six months. The value of forward-looking indicators is highlighted especially during exceptional inflection points in the economy, such as during the financial crisis or the currently prevailing coronavirus crisis, as these indicators provide readily available information about the future path of the economy. The rebound in consumer confidence and the recovery of the economy appear to be intimately connected.
  • Ikonen, Pasi; Oinonen, Sami; Schmöller, Michaela; Vilmi, Lauri (2020)
    Bank of Finland. Bulletin 5/2020
    Stagnation is a period of slow economic growth often characterised by low interest rates and low inflation. It is most commonly associated with the development of the Japanese economy since the early 1990s. In the euro area, the corona crisis together with an already ageing population, diminished productivity growth, and, in places, high levels of debt even before the onset of the current crisis may weaken the economy's ability to recover. There is a danger of the economy slipping into an equilibrium of low interest rates and low inflation, i.e. a liquidity trap. There is also a risk of inflation expectations declining. The policy response in the euro area to the economic outlook weakened by the corona crisis has been swift and decisive. Well-targeted policy measures can mitigate the risk of the economy following an adverse path.
  • 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.