{
  "title": "Finland: 2015 Article IV Consultation — Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Finland",
  "publication": "IMF Staff Country Reports, November 17, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/finland-2015-article-iv-consultation-press-release-staff-report-informational-annex-and-43396",
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  "summary": "This 2015 Article IV Consultation highlights that Finland’s exports have suffered owing to the declines of Nokia and the paper industry, compounded by weak external demand, especially from the euro area and Russia.",
  "sections": [
    {
      "heading": "Key findings: economic performance and drivers",
      "content": "- Exports have suffered owing to the declines of Nokia and the paper industry.\n- Weak external demand, especially from the euro area and Russia, has compounded export weakness.\n- The current account and fiscal balances have deteriorated.\n- The 2014 fiscal deficit breached the Stability and Growth Pact’s 3 percent of GDP criterion."
    },
    {
      "heading": "Projections and near-term outlook",
      "content": "- A modest recovery is projected to begin in 2015.\n- Growth is projected to gradually strengthen in 2016.\n- In the absence of further reforms, growth is likely to remain much lower than pre-crisis."
    },
    {
      "heading": "Risks and scenario considerations",
      "content": "- Weaker-than-expected growth in key trade partners would be a drag on exports.\n- Spillovers from an external financial shock would create tighter financial conditions, with negative effects on output."
    },
    {
      "heading": "Policy implications (as indicated in the report)",
      "content": "- 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”).\n- 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.\n\nFinland: 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).\n\n---\n\n Content in this bundle\n\n- 1. External Sector Assessment\n  - 1. External Sector Assessment (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. External Sector Assessment (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/finland-2015-article-iv-consultation-press-release-staff-report-informational-annex-and-43396/index.md)",
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    "Published: November 17, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513500676.002",
    "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.",
    "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.",
    "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.",
    "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.",
    "**1. External Sector Assessment**"
  ],
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