Accessible summary : Finland’s economy will gradually recover from the sudden shutdown

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Title: Accessible summary : Finland’s economy will gradually recover from the sudden shutdown
Organization: Bank of Finland
Series: Bank of Finland. Bulletin
Series volume: 94
Series number: 3/2020
Year of publication: 2020
Publication date: 9.6.2020
Pages: 4
Subject (yso): talouskasvu; taloudelliset ennusteet; ennusteet
Keywords: COVID-19; korona; koronakriisi; Suomi; taloudelliset katsaukset
Other keywords: corona; economic growth; economic forecast; Finland; economic outlook; forecast; corona crisis
Abstract: 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.
Link: http://www.bofbulletin.fi/
Rights: https://helda.helsinki.fi/bof/copyright


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