Aktia Bank Plc
Press release
2 June 2022 at 8.00 a.m.
Aktia’s economic forecast: The period of strong growth is behind us
According to Aktia’s Chief Economist Lasse Corin, the coronavirus pandemic was a deep and short shock for the economy, whereas Russia’s attack on Ukraine will cause a less deep but drawn out period of uncertainty. He predicts a very moderate economic growth for next year.
In the economic forecast published today by Aktia, Chief Economist Lasse Corin predicts that the economic growth will slow down to 1.6% this year and be a modest 0.9% next year. “As the coronavirus pandemic and its economic impact has been driven to the background, Russia’s attack on Ukraine plunged the world economy into a new period of uncertainty,” says Lasse Corin.
The Finnish export and industry survived the pandemic with little damage because Finland produces various kinds of investment and industrial commodities for foreign companies. The current situation is different. “We expect the economic uncertainty caused by the war to be clearly more drawn out, which weakens the willingness of foreign companies to invest and, consequently, the export prospects of Finnish companies,” says Corin.
There is also a small gleam of hope on the horizon of Finland’s exports. The depreciation of the euro will improve the competitiveness of Finnish export companies and soften the blow to their economies.
As far as imports are concerned, Corin sees that the…
