Accessible summary : Ukraine war is slowing growth in Finland’s economy and fuelling rise in prices

Abstract

Russia’s war in Ukraine is curbing economic growth worldwide. At the same time, the general level of prices has been climbing at a significantly increased rate. The war is further accelerating the rise in the prices of energy, raw materials and food, and their availability has also deteriorated. In addition, the COVID-19 pandemic is still not completely behind us. The uncertain situation in the economy and the rise in prices are reducing the total consumption of products and services by Finnish households. The level of investment by businesses in Finland is also suffering.