HELSINKI: Extension of annual working hours by a hundred hours would increase the Gross Domestic Product (GDP) by €11 billion in six years. The estimation is based on Bank of Finland’s internal memo, said Finnish language daily Helsingin Sanomat.
The Bank of Finland’s calculations are considered key information when government and labour market organisation try to negotiate how the economy’ cost competitiveness could be spurred. According to the calculations, the economic growth would be faster by 1.2 percent in six years than the current rate according to forecasts. As a result, the GDP would be six percent higher in 2021 than the current outlook.
The Bank of Finland stressed that it is not in favour or against extension of working hours, but this is just a case of calculation.
