HELSINKI: Finland’s growth outlook remains stubbornly behind the rest of the European Union, said the European Commission in its spring forecast. For this year and the next, Finland is predicted to have a 0.7 per cent economic growth. Next year, Finland is forecast to have the lowest growth in the EU. This year, only Greece remains behind Finland. The commission is particularly concerned about Finland’s growth compared to its debt. Next year, the ratio of government debt to GDP will be approximately 67 per cent. The forecast shifted distinctly early this year. According to EU rules, debt ratio should not exceed 60 per cent.
For the budget deficit, though, Finland has remained within the limits permitted by EU rules. This year, the deficit is expected to be 2.5 per cent of GDP, and next year 2.3 per cent. The deficit accruing to the EU rules should not exceed three per cent of GDP. For the eurozone area, the forecast this year and the next is less than two per cent economic growth. “In the euro area, the recovery is uneven, both between member states and between the weakest and strongest in society,” said EC economic commissioner Pierre Moscovici in a statement.
