Bank of Finland articles on the economy
Bank of Finland Bulletin 5/2020 - Monetary policy and the global economy
Published 17 Sep 2020
pdf, 563 kB
Bank of Finland Bulletin 4/2020 - Monetary policy and the global economy
Published 11 Sep 2020
pdf, 16.0 MB
Monetary policy is supporting economic recovery — but the outlook for employment remains weak17 Sep 2020, Bank of Finland Bulletin 5/2020
Monetary accommodation has opened up space for other economic policies in the euro area, which needs to be put to good use by pursuing economic reforms. Productivity and employment growth ultimately rest on our ability to reform.
Monetary policy implementation in changing times25 Aug 2020, Bank of Finland Bulletin 4/2020
Over the past decade the tools for implementing monetary policy have become ever more diverse. These measures now include refinancing banks at favourable terms and large-scale asset purchases.
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Throughout 2016–2018 the Finnish economy will grow by around 1% per annum and investment will finally begin to increase. With exports still sluggish, however, growth will depend on domestic demand. Inflation will be slow throughout the forecast period.
House prices in the Helsinki Metropolitan Area have long been rising faster than in the rest of Finland. Developments have been influenced by regulatory controls and the low interest rates on housing loans.
Among the set of new firms there are those known as ’gazelles’, firms that rapidly increase their employment. This small group of high-growth firms generates a disproportionate share of new jobs.
Finland is now facing problems similar to those with which Japan has already struggled for more than a decade. The population is ageing and the public finances are moving deeper into debt.
While the income uncertainty of Finnish households has not seen any major changes, there are big differences between age-groups and occupations.
Achievement of the employment objective in the Government programme will require GDP growth of 1.3 percentage points faster than estimated in the Bank of Finland’s baseline forecast.
During the forecast years 2016–2018, growth in the advanced economies will continue at a moderate pace.
Precise information on the current state of the economy comes only with a considerable time delay, although many economic decisions require the support of real-time data. Before official statistics are released, the situation is nowcast using short-term forecasting models.
According to the most recent quarterly national accounts, real GDP in the first quarter of 2016 grew by 0.6% quarter on quarter and 1.6% year on year.
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