June 9, 2020 / 8:04 AM / a month ago

Bank of Finland says rapid recovery unlikely but worst has been avoided

HELSINKI, June 9 (Reuters) - Finland’s rapid recovery from the economic crisis caused by the coronavirus looks unlikely, but the worst-case scenarios have so far been avoided, Bank of Finland governor Olli Rehn said on Tuesday.

The bank believes Finland’s gross domestic product will contract around 7% this year and grow around 3% in 2021 and 2022, but said GDP contraction could be as little as 5% or as much as 11% in 2020 in alternative scenarios.

“Finland has not experienced a sizeable wave of bankruptcies. Furlough schemes have meant that redundancies have remained fewer in number than initially feared,” governor Olli Rehn said in a statement. (Reporting by Anne Kauranen)

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