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Podcast: How will Finland recover from the virus?

Podcast: How will Finland recover from the virus?

The coronavirus blew a large hole in the Finnish economy. While private consumption is returning to normal as Finland slowly reopens, challenges faced by exporters and manufacturers are expected to worsen in the fall when order books are cleared. Will the country be able to continue on its V-shaped recovery path? Listen to the podcast with Tuuli Koivu, Nordea’s Chief Economist for Finland.

Recovery from the economic collapse caused by the coronavirus pandemic is just beginning, and some impacts on the Finnish economy are yet to be seen. Find out more in the podcast above with Nordea’s Chief Economist for Finland, Tuuli Koivu. And read more about Finland in the Nordea Economic Outlook.

Podcast summary with time stamps:

0:27 – In the report, you say that the coronavirus blew a large hole in the Finnish economy. How are things looking now in Finland – both in terms of the virus and the economy?

3:03: – The labour market has been hit hard in Finland. The number of employees put on furlough reached 7.5% of the workforce by mid-May, a plunge in the labour market not seen since the recession of the 1990s. How is the labour market currently doing?

4:59: – You’ve been using Nordea card transaction data to track overall trends in consumer spending across sectors during the crisis, and we saw a 25% drop in card payment volume back in March. Is private consumption back on track now that the economy is gradually reopening? And which sectors have been hit harder than others?

8:40: The government has adopted significant aid packages to support businesses and prevent dramatic rise in unemployment. What’s been effect on public finances, and how do you see that playing out?

11:40: There’s still a great deal of uncertainty about the virus and its economic impact, but what do you see as the most likely scenario for Finland’s economic recovery? When can we expect the economy to be back on track?

 

 

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