March 20, 2023

Finland’s central bank predicts a moderate recession in 2023.

Finland's central bank

The Finnish central bank has predicted a moderate recession in 2023. This is due to the country’s aging population and the declining birth rate. The central bank has said that the recession will not be as severe as the one experienced in the early 1990s.

The Bank of Finland has forecast the country’s economy is expected to fall into a mild recession in 2023, although it will grow by 1.9 per cent over the entire year of 2022. The central bank said that the economy grew strongly throughout the first half of this year.

A surge in the cost of living, and the energy crisis exacerbated by the conflict in Ukraine, have accelerated a looming recession. The Bank of Finland expects inflation to slow to 5 per cent in 2023, and settle at about 2 per cent between 2023-2025.

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