Finland: 2015 Article IV Consultation — Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Finland
IMF Staff Country Reports, November 17, 2015
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- Finland: 2015 Article IV Consultation — Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Finland
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Bibliographic details
- Published: November 17, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513500676.002
Key findings: economic performance and drivers
- Exports have suffered owing to the declines of Nokia and the paper industry.
- Weak external demand, especially from the euro area and Russia, has compounded export weakness.
- The current account and fiscal balances have deteriorated.
- The 2014 fiscal deficit breached the Stability and Growth Pact’s 3 percent of GDP criterion.
Projections and near-term outlook
- A modest recovery is projected to begin in 2015.
- Growth is projected to gradually strengthen in 2016.
- In the absence of further reforms, growth is likely to remain much lower than pre-crisis.
Risks and scenario considerations
- Weaker-than-expected growth in key trade partners would be a drag on exports.
- Spillovers from an external financial shock would create tighter financial conditions, with negative effects on output.
Policy implications (as indicated in the report)
- Further reforms are needed to restore growth toward pre-crisis levels (implicit recommendation drawn from the projection that, “in absence of further reforms, growth is likely to remain much lower than pre-crisis”).
- Managing fiscal consolidation and addressing the deterioration in the current account and fiscal balances are priorities given the 2014 breach of the 3 percent of GDP Stability and Growth Pact criterion.
Finland: 2015 Article IV Consultation — Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Finland (IMF Staff Country Reports 2015, No. 311).
Content in this bundle
- 1. External Sector Assessment