Finland's economy strong regardless of pandemic: Eco Survey

Finland: The deterioration of the Covid-19 situation will only slow Finland's economic recovery temporarily, according to the country's Ministry of Finance. According to reports, the Ministry of Finance noted in its Economic Survey published here on Monday that uncertainties remain about the pandemic's evolution, the emergence of new virus variants, and the efficacy of vaccination campaigns.

According to the Ministry, Finland's economy will grow rapidly in 2021 and 2022, though not as quickly as predicted at the start of 2021. Finland's GDP is expected to increase by 3.4 percent in 2021, 3.0 percent in 2022, 1.5 percent in 2023, and 1.4 percent in 2024. The economic recovery will continue, and growth will pick up in 2022, particularly in sectors where output has not yet recovered to pre-pandemic levels, such as lodging and catering.

The Ministry of Finance forecasted 3.3 percent GDP growth this year, 2.9 percent in 2022, and 1.4 percent in 2023 in September. The Bank of Finland forecasted 2.6 percent GDP growth in 2022 and 3.5 percent growth in 2021 on December 17.

At a press conference on Monday, Mikko Spolander, director-general of the Finance Ministry's Economics Department, stated that while the pandemic would pass, successfully navigating the economic and demographic transformation would necessitate competitiveness, technological solutions, significant private investment, and prudent public spending.

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