Finland's economy to slow down further in 2023, financial group predicts

0 Comment(s)Print E-mail Xinhua, August 23, 2022
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HELSINKI, Aug. 22 (Xinhua) -- Finland's economy is expected to slow down further next year with a zero growth rate, said the OP Financial Group, the country's largest financial services group, in a press release on Monday.

The OP said it expected Finland's economy to grow by 2 percent this year and zero percent in 2023. Back in spring, the OP predicted a 0.6 percent growth for next year.

In the first half of this year, the country's economy grew at a fast pace, but the economic boom is now gradually fading, said the OP.

"Corporate and household finances in Finland are healthy on the whole, which makes adjusting to weaker times easier and softens the blow to the economy," Reijo Heiskanen, chief economist at the OP, was quoted as saying in the press release.

Inflation is expected to slow down this autumn, he said, but the rate is still likely to stay above the eurozone average in the coming years.

When the rate of economic growth decelerates, the unemployment rate rises and the employment rate falls, the OP said.


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