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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The Bank of Finland forecasts that Finland’s GDP will grow 3.1% in 2017, 2.5% in 2018 and 1.5% per annum in 2019–2020. Growth will be broadly based and amplified by exports. A more positive current account will lay a foundation for sustainable growth.
Population ageing will push up public expenditure at the same time as the contraction in the working-age population reins in economic growth. The sustainability will remain around 3% of GDP.
According to a new structural unemployment indicator based on labour market flows developed by the Bank of Finland, unemployment in Finland is currently close to its structural level.
Education and labour market structures are important for decisions on and opportunities of employment particularly for young women and older workers.
Economic decisions increasingly require the support of real-time information. Help can be derived from short-term forecasting models (nowcasting), which are suitable for processing continuously updated data and using it to form an overall picture of the current state of the economy.
Well-educated people typically earn more than those with a lower level of education. Education also improves earnings by enhancing a person’s employment prospects.
Investment growth has been bolstered by e.g. the quickening of domestic demand and construction activity as well as monetary policy. There has been a substantial increase in exports, for example to Germany and China.
During the third quarter of 2017, Finland’s GDP increased by 3%, private consumption by 2.1% and public consumption by 1.8% year on year. Investments increased by 9.3%.
The global economy and world trade continue to grow strongly. In many countries, an expansionary economic policy is supporting growth.
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