(MENAFN- IANS) Helsinki, Sep 15 (IANS) Finland's economy is expected to contract by 0.3 per cent this year and to grow by 0.8 per cent in 2024, non-profit institute ETLA Economic Research said in a survey.The country's economy is projected to contract this year because investments decrease and inventories are unloaded, but also because private consumption decreases, Xinhua news agency quoted the survey as saying.
Housing construction and public investments will shrink sharply, while public consumption will increase, it added.
ETLA Managing Director Aki Kangasharju called for a greater emphasis on immigration and improvements in productivity.
He emphasised the need for proper incentives in the green energy sector and noted that while the Finland's employment level is already high, a significant portion of the jobs is part-time, and this does not generate significant tax revenue.
Finland's exports are expected to decline by 0.3 per cent this year. Imports will decrease more than that (-3.4 per cent), soexports will support economic growth in the period ahead.
"The positive development in the global economy is primarily coming from developing countries, with China displaying a growth rate of 4.5 per cent. However, in Finland's key export markets, such as Sweden and Germany, we expect negative growth this year," said Paivi Puoti, ETLA's head of forecasting.
--IANS
ksk
MENAFN15092023000231011071ID1107075567
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment