Finland: 2024 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2024 Issue 072

Publication date: March 2024

ISBN: 9798400270406

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Topics covered in this book

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Labor , Inflation , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , liability positions vis-à-vis nonresident , money market rate , inflation pressure , potential GDP , exchange arrangement , Labor markets , Inflation , Employment , Global , Europe

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Summary

Recent developments and outlook. Weak household income growth, falling house prices, higher interest rates, and stagnation in Europe has caused activity to stall in Finland, with a contraction of 0.5 percent estimated in 2023. Labor markets have shown resilience, but unemployment is expected to increase somewhat in coming months, especially from the construction sector. However, inflation has fallen to more normal levels and financial conditions appear to be easing, paving the way for a modest recovery this year, strengthening further in 2025.