The outlook for both the global economy and the Finnish economy deteriorated suddenly and sharply in the spring of the current year on account of the coronavirus pandemic. The Finnish economy is forecast to contract around 7% this year. Recovery will be gradual.
Consumer confidence foreshadows developments in the economy
Companies respond to the corona crisis by adjusting labour costs
The worst-case scenario in the corona spring did not materialise, but we will still need stamina for the long haul
Forecast tables for 2020–2022 (June 2020)
The Finnish economy will contract by around 7% this year and grow around 3% per annum over the next 2 years. The forecast contains a large degree of uncertainty – the contraction could be only 5% or as much as 11%, depending on how the pandemic develops. See forecast tables for the Finnish economy in 2020–2022 (June 2020).