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Bank of Finland predicts a sharp acceleration of the economy, but the breakthrough will not last long

The Finnish economy will grow rapidly as the situation with the coronavirus pandemic improves, the Bank of Finland predicts. An acceleration trend will be observed throughout the next year, but then a slowdown will come. The outlook for the Finnish economy will deteriorate due to the slow development of labor productivity, low employment and an aging population.

Mass vaccination of citizens will lead to the lifting of restrictions, which contributes to an increase in consumer activity and economic growth.

– In the coming years, the economy will grow mainly due to consumer demand from households. Consumer confidence in the economy is high. With the lifting of restrictions caused by the coronavirus, the Finnish economy will receive a powerful boost. There is no long-term growth, however, in the prospects, – says the chief analyst for economic forecasts of the Bank of Finland Meri Obstbaum .

According to the forecasts of the Bank of Finland, the country’s economy will grow by 2.9 percent in 2021 and by 3.0 percent in 2022. In 2023, GDP growth will slow to 1.3 percent.