Finland:2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Finland

Finland: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Finland
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Volume/Issue: Volume 2023 Issue 038
Publication date: January 2023
ISBN: 9798400232114
$20.00
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Topics covered in this book

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Inflation , Labor , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , liability positions vis-à-vis nonresident , money market rate , employment growth , headline inflation , housing company loan , Inflation , Energy prices , Employment , Fiscal stance , Global , Baltics

Summary

The economy recovered swiftly from the pandemic, but Russia’s war in Ukraine has worsened the outlook given Finland’s exposures to the fallout through trade and increase in energy prices, while high inflation and rising interest rates are weighing on household purchasing power. Long-standing structural challenges—from adverse demographics and low productivity growth—remain. Tighter financial conditions will test the resilience of Finland’s large financial system: banks are well-capitalized, but vulnerable to liquidity shocks and exposed to credit risks from other Nordics and high household debt.