Global trade tension weighs on Finland's economic revival

The escalating trade war between the world’s major powers is clipping Finland’s economic revival, just as the Nordic country braces itself for lean years ahead to deal with the costs of a rapidly aging population. Finland’s Finance Ministry cut its forecasts through 2021 on Monday, citing “bad economic news from elsewhere in the world.” The economy’s growth rate is now seen at 1.5% this year. It is then expected to slow to 0.9% by 2021 and remain below 1% until 2023. “The demand for Finnish exports will decrease sharply in 2019, primarily due to a weaker outlook in Europe,” the ministry said in a statement. The lower forecasts spell trouble for the government of Prime Minister Antti Rinne, which has promised to balance the budget and raise employment levels to 75% of the workforce by 2023.

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