## Finland: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Finland

_IMF Staff Country Reports, January 31, 2022_

## Source details

**Canonical URL:** [Finland: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Finland](https://www.imf.org/en/publications/cr/issues/2022/01/28/finland-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-512330)

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## Bibliographic details
- Published: January 31, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400201011.002

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### Overview
- With strong policy support, Finland suffered a relatively mild economic contraction in 2020 followed by a swift recovery in 2021.
- Medium-term growth prospects are less strong, due to adverse demographics and low productivity growth—trends that precede the pandemic.
- Public debt has increased due to pandemic-related support and will remain on a rising trajectory in the medium term, largely reflecting permanent spending increases.

### Economic performance (2020–2021)
- 2020: Relatively mild economic contraction (no numeric GDP contraction given in the source).
- 2021: Swift recovery following the 2020 contraction.
- Policy: Strong policy support underpinned the mild contraction and swift recovery.

### Medium-term outlook and constraints
- Growth prospects: Less strong in the medium term.
- Key constraints identified:
  - Adverse demographics.
  - Low productivity growth.
- Note: These adverse trends precede the pandemic.

### Public debt and fiscal stance
- Public debt: Increased due to pandemic-related support.
- Medium-term trajectory: Public debt will remain on a rising trajectory in the medium term.
- Main driver: Largely reflecting permanent spending increases.

### Subjects and keywords (as listed)
- Subjects: COVID-19, Employment, Financial institutions, Health, International organization, Labor, Labor markets, Loans, Monetary policy, Public debt
- Keywords: COVID-19, currency of Finland, Employment, exchange arrangement, Global, Labor markets, liability positions vis-à-vis nonresident, Loans, money market rate, potential GDP, transparency policy

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_Source: https://www.imf.org/en/publications/cr/issues/2022/01/28/finland-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-512330_