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Economic Bulletin 4/2008

Summary

  • The global recession is becoming deeper, more widespread and prolonged. The impact of the extensive stimulatory measures is expected to start showing towards the end of next year at the earliest.
  • The outlook in Finland, too, has fast become bleaker since the summer, and economic growth virtually ceased in the autumn. Production probably started falling towards the end of the year. In 2008, GDP growth, at 1½%, will be 1 percentage point slower than previously anticipated, and next year output will fall.
  • Employment continued to rise late into 2008. However, early next year unemployment will start growing fast. The decline in labour supply, on the other hand, will bring labour shortages back in a few years' time.
  • Slower inflation and tax cuts will boost household purchasing power, but uncertainties related to the future are hampering consumption growth.
  • Central government will plunge into a large deficit. The capacity of general government and businesses to withstand a downturn of short duration is essentially relatively good. However, the financial crunch is restricting access to credit.

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Printable version

Document information

Type:
Publication

Title:
Economic Bulletin 4/2008

Printing year:
2008

Date:
18.12.2008

Number of pages:
10

Areas of responsibility:
National economy

Publisher:
Ministry of Finance

Department:
Economics Department

Contact information:
Content: +358 400 727 799, Distribution: vm-viestinta@vm.fi

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