Finland: Staff Report for the 2014 Article IV Consultation
IMF Staff Country Reports, May 28, 2014
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- Finland: Staff Report for the 2014 Article IV Consultation
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Bibliographic details
- Published: May 28, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498344708.002
Key findings
- Finland’s strong economic record has stalled.
- The economy has been in recession for three of the last five years.
- Unemployment is now more than 8 percent, with more people without work for longer.
- The shortfall in growth, occurring while peer economies saw GDP improve and unemployment fall, points to deeper structural problems.
- Exports suffered from the continued decline of the information and communications technology industry and falling demand for paper and pulp.
Economic conditions and labor market
- Recessions in 3 of the last 5 years.
- Unemployment: more than 8 percent.
- Longer durations of unemployment noted (more people without work for longer).
External sector and exports
- Continued decline in the information and communications technology industry affected export performance.
- Falling demand for paper and pulp contributed to export weakness.
Outlook and risks
- Outlook: slow and fragile recovery.
- Downside risk: weaker external demand could easily derail the upswing.
Policy implications and analysis emphasis
- The shortfall in growth relative to peers highlights the presence of deeper structural problems that need to be addressed to restore stronger and more resilient growth.
- Policy attention is implied on addressing structural impediments to growth and on measures to support a durable recovery given exposure to external demand shocks.