IMF presented its review of the Finnish economy
The International Monetary Fund published its statement on the Finnish economy on Friday 19 November.
The statement covered areas such as
- economic outlook
- COVID-19 related measures and general government finances
- climate action
- fiscal policy
- financial market
Minister Saarikko underlines the need to stabilise the debt-to-GDP ratio
Minister of Finance Annika Saarikko considers the meeting with the IMF economists very useful, and says it confirmed the Ministry of Finance’s views of the challenges facing the national economy and general government finances. She recognises the importance of the monitoring conducted by the IMF, and admits the organisation’s concerns over Finland’s development are justified.
“The Government is well aware of the threat of strong economic growth being short-lived. Finland must achieve strong, sustainable long-term growth while prioritising expenditure and adhering to spending limits. In this respect, the points made by the IMF are very understandable, and we must act on them in order to stabilise the debt-to-GDP ratio to a targeted level,” Minister Saarikko says.
The IMF issues corresponding statements about all its member countries as part of its country monitoring. The IMF's visits to member countries are called Article IV Consultations, as they are required by Article IV of the IMF's Articles of Agreement. The statement is based on IMF experts’ own assessments and on discussions they have had with Finnish authorities, labour market organisations, financial institutions, research institutes and others.
The IMF’s Executive Board will discuss the country report on Finland, along with separate reports on the Finnish labour market and financial markets early next year.
Sari Sontag, Senior Ministerial Adviser, tel. +358 2955 30181, sari.sontag(at)gov.fi
Petra Schulze Steinen, Special Adviser to the Minister of Finance, tel. +358 40 671 7278, petra.schulze-steinen(at)gov.fi