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Finland’s economy is gradually picking up, but uncertainty surrounds the recovery. Determined action to implement structural reforms is needed to revive economic growth, restore competitiveness and preserve high standards of living and well-being, according to the OECD’s latest Economic Survey of Finland.
Finland has been hit hard by the global crisis, mainly through a sharp fall in exports, and the recovery is still hesitant. Bold action is needed to find new sources of growth, regain competitiveness, ensure sound public finances, and preserve the Finnish welfare model, Mr Gurría said.
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To achieve long-term sustainable growth and preserve the country’s comprehensive welfare state arrangements in the face of demographic ageing, Finland has to implement forcefully a series of structural reforms as presented in this brochure.
Finland enjoys high well-being, but competitiveness has deteriorated, output has fallen and the population is ageing rapidly. Structural reforms are needed to extend working lives and raise public sector efficiency and potential growth.
The world economy is recovering, but many challenges remain to eliminate global imbalances. Countries must address the crucial question of capital movements while deepening their commitment to structural reforms, according to OECD Secretary-General Angel Gurría.
The crisis has shown the vulnerability of a global economy based on the idea that ever increasing production and consumption were the key to success, says OECD Secretary-General Angel Gurría.