Forecast for the Finnish Economy : The economy will recover from the pandemic, but even after recovery, growth will be slow

Abstract

The economic downturn in 2020 will be smaller in Finland than in the rest of the euro area, but this winter will still be difficult. COVID-19 will gradually be left behind in the course of 2021 due to the vaccines, and household consumption will drive growth of 2.2% in the Finnish economy. Growth will strengthen to 2.5% in 2022. At the end of the forecast period in 2023, the economy will return to a slow 1.5% growth rate reflecting the long-term sluggish growth conditions.