Browsing by Subject "koronakriisi"

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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 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 (2020)
    Bank of Finland. Bulletin 2/2020
    The corona crisis has impacted negatively on the Finnish economy and on the country’s banks and their customers in a number of ways. The banks now need to deploy the financial buffers they have been accumulating since the global financial crisis just over a decade ago. By granting new loans and amortisation holidays, the banks can for their part help businesses and households survive the acute phase of the current crisis. At the same time, banks must prepare for an increase in loan losses from previously granted loans.
  • 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.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 6/2020
    The economic recession caused by the pandemic has so far been milder in Finland than elsewhere in the euro area, but the coming winter will still be difficult. Vaccinations do, however, bring hope of an end to the crisis, both in Finland and around the world. COVID-19 will gradually be left behind in the course of 2021 due to the vaccines, and household consumption will drive growth of 2.2% in the Finnish economy. This will strengthen to 2.5% in 2022. At the end of the forecast period in 2023 the economy will be growing only slowly, as the conditions for growth in the Finnish economy in the long term are weak.
  • 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.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 6/2020
    During the acute phase of the COVID-19 pandemic, fiscal policy has been deployed to support households and businesses hit by the crisis. At the same time, fiscal stimulus has been stepped up to bolster economic recovery. After the crisis, once the economy has returned to a sustainable growth path, the upward trend in the public debt-to-GDP ratio must be halted and fiscal space rebuilt. Changing the course of the public finances will require broad consensus on long-term objectives, clear short-term interim targets, and concrete measures over the coming years. With the coinciding rise in age-related expenditure, rebalancing the public finances will be difficult.
  • 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 2/2020
    Editorial: Regulation has strengthened the financial system’s resilience 3 Financial stability assessment: Pandemic demonstrates necessity of risk buffers 6 Coronavirus shock will further weaken bank profitability in the euro area 19 Banks must be able to finance firms and withstand loan losses amid the coronavirus pandemic 24 Nordic countries are vulnerable to housing market risks aggravated by the coronavirus pandemic 35
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 3/2020
    The worst-case scenario in the corona spring did not materialise, but we will still need stamina for the long haul 3 Forecast tables for 2020–2022 (June 2020) 7
  • 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.
  • Mäki-Fränti, Petri; Vanhala, Juuso (2020)
    Bank of Finland. Bulletin 3/2020
    The corona pandemic and the related lockdown measures have led to a strong contraction in business turnover and weakening of profitability, particularly in the service industries. If the profitability crisis persists, it will turn into a liquidity crisis and the risk of corporate bankruptcies will increase. Companies can, to some extent, adjust to the decline in turnover by cutting costs, for example by decreasing purchase volumes and by negotiating reductions to other cost items, such as rents. With the help of temporary lay-offs, companies can even adjust staff expenditure rapidly, if necessary.
  • Koskinen, Kimmo (2020)
    Bank of Finland. Bulletin 2/2020
    Expectations of a deteriorating economic outlook increased the risks to banks’ operating environment even before the coronavirus pandemic spread to Europe. At the end of 2019, banks’ return on equity was 5.2%, compared with 6.2% a year earlier. While some banks were experiencing profitability challenges already prior to the outbreak of the pandemic, profitability also differs greatly between countries, bank business models and individual banks. Due to the coronavirus pandemic, banks’ income development will further deteriorate, and it is likely to fall well below banks’ imputed cost of equity. The effects of the pandemic are widely reflected in the stock prices of European banks (Euro Stoxx Banks Index), which have fallen by 40% since the beginning of 2020.
  • 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 6/2020
    Economic policy in Finland must now find a way to live in two time periods at once. While we are currently combating an acute crisis, we must at the same time direct our thinking strongly towards the economic challenges of the post-crisis years. It is essential to both support businesses, households and economic recovery, while at the same time strengthening the conditions for sustainable, balanced economic growth and improved employment in the years ahead.
  • Nykänen, Marja (2020)
    Bank of Finland. Bulletin 2/2020
    The resilience of banks, firms, and households is being put to the test as the Finnish economy and the economies of its important trading partners experience a sharp contraction. However, financial institutions' solvency and liquidity positions have been strengthened significantly since the global financial crisis, and borrowers are in many respects on sounder footing than they were before the financial crisis or during the Finnish banking and economic crisis of the early 1990s. Strong capital adequacy ensures that banks are better equipped to lend to households and firms. A well-functioning banking sector together with government relief measures will bolster the economy's outset for growth after the crisis.
  • Rehn, Olli (2020)
    Bank of Finland. Bulletin 3/2020
    The corona pandemic serves as a reminder that healthy public finances provide an irreplaceable shield when we hit hard times. It is now important to both time and target the fiscal policy stimulus effectively and take forward structural reforms. Finland’s labour market, too, has a vital role to play as the economy enters the recovery phase.
  • Rehn, Olli (2021)
    Euro & talous. Blogi
    Olemme jälleen vedenjakajalla koronakriisissä. Kun tätä epäilemättä monien hermoihin käyvää pandemiaa on jouduttu elämään jo yli vuoden verran, on taisteluväsymyksen viimeaikainen lisääntyminen ymmärrettävää. Kyllähän tämä tilanne meitä kaikkia turhauttaa.
  • Herrala, Niko; Kontulainen, Jarmo (2020)
    Euro & talous 1/2020
    Koronapandemia iski talouteen ja rahoitusmarkkinoille nopeasti ja monin paikoin ennennäkemättömällä voimalla. EKP:n rahapolitiikka oli jo ennen koronapandemiaa erittäin kevyttä. EKP tarttui kuitenkin nopeasti uusiin toimiin talouden ja rahoitusmarkkinoiden vakauttamiseksi, jotta kriisi ei syvene. Näin ehkäistään pitkäaikaisia haitallisia vaikutuksia talouteen. Rahapoliittisten toimien ohella tarvitaan myös finanssipoliittisia toimia, joihin onkin ryhdytty kaikkialla maailmassa. Kun finanssi- ja rahapolitiikka toimivat rinnakkain, talous elpyy mahdollisimman nopeasti.
  • Suomen Pankki (2020)
    Euro & talous 6/2020
    Talouden taantuma vuonna 2020 on jäämässä Suomessa pienemmäksi kuin muualla euroalueella, mutta talvi on vielä vaikea. Koronaviruspandemia väistyy rokotusten myötä vuoden 2021 aikana, ja yksityinen kulutus kääntää Suomen talouden 2,2 prosentin kasvuun. Kasvu vahvistuu 2,5 prosenttiin vuonna 2022. Ennustejakson lopussa vuonna 2023 talous palaa hitaaseen 1,5 prosentin kasvuun, joka kuvastaa pitkän aikavälin vaimeita kasvuedellytyksiä.