Finland finishes up with austerity

The country is now showing signs of real progress. According to Finance Minister Petteri Orpo, this may allow the country to avoid further austerity. “We have left recession clearly behind us,” Orpo said. “We’ve had a predictable economic policy and that’s starting to bring results.” Those results will likely mean a still modest expansion of 1.6% this year, accelerating from 1.4% last year, according to the Bank of Finland. But the economy is gaining a broader growth base, helped by a recovery in exports and a surprising revival in consumer confidence even as unemployment hovers at about 9%. “We must now stick to salary moderation so as not to lose the advantage we’ll get with labour pact,” Orpo said, adding that raising the employment rate to 72% from about 68.9% now is the key to solving imbalances. (New Europe)



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