Economists support action to spur Finland’s economy: poll

Improving infrastructure is one way of encouraging economic growth through government stimulus. (Yle)
Improving infrastructure is one way of encouraging economic growth through government stimulus. (Yle)

Economic experts expect the Finnish government to implement structural changes in order to increase Finland’s competitiveness and encourage economic growth.

An Yle poll asked leading economists whether the Finnish government should implement new stimulus measures to jump-start the economy.

Out of 15 economists, only one-third opposed such actions. Others supported the idea, so long as it would accurately target the areas that require extra assistance.

Many of the leading economists who responded supported improving infrastructure by spending money on repairing and building roads and public buildings.

Thinking outside of the box

“As this year looks to be headed in a much weaker direction than previously estimated, aiding recovery by having the government implement outside-of-the-box measures shouldn’t be ruled out,” says Federation of Finnish Enterprises’ economist Petri Malinen.

Those few economist who opposed government measures were of the opinion that Finland is already in debt and the benefits of resusication would trickle abroad rather than staying in Finland.

“Nokia, the forest industry and other Finnish companies that have relocated abroad cannot be returned or helped by revival methods, but rather by strengthening competitiveness,” says Matti Viren, professor of economics at the University of Turku.

Structural changes are something that almost all of the respondents agreed on. Government spending should be cut, transfer payments trimmed and the retirement age should be raised.

Also favoured by many of the respondents: ensuring Finland’s competitiveness.

“The most important thing is to ensure Finland’s competitiveness so that we can be part of accelerating global economic growth as soon as possible,” says Aki Kangasharju, director of research, at Nordea financial services group.

Yle News

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