Ambitious objectives needed for structural reforms and cost-competitiveness

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Title: Ambitious objectives needed for structural reforms and cost-competitiveness
Author: Liikanen, Erkki
Organization: Bank of Finland
Series: Bank of Finland. Bulletin
Series volume: 89
Series number: 3/2015
Year of publication: 2015
Publication date: 10.6.2015
Pages: 3-5
Subject (yso): julkinen talous
Keywords: rakenneuudistukset; kustannuskilpailukyky; Suomi
Abstract: The Bank of Finland has emphasised that the problems of the Finnish economy are not primarily cyclical, but largely of a longer-term, structural nature. In addition to the weakness of the global economy, activity has been dampened by structural changes in Finnish industry, a contraction in the working-age population, weakening cost-competitiveness and, recently, also the difficulties in the Russian economy. As general government deficits have grown and a rapid increase in the population share of elderly people is looming, the longer-term outlook for the public finances has deteriorated. The Bank of Finland has pointed out that the key to resolving the serious problems in the economy lies in structural reforms, fiscal consolidation and improved cost-competitiveness.
Note: Editorial

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