Finland’s economy weathered the COVID-19 pandemic with minimal damage

Abstract

The COVID-19 pandemic caused a broad but short-lived downturn in the economy during the spring and summer of 2020. Although the overall economic decline was brief, the pandemic had a significant and long-lasting impact on certain sectors and groups of workers. Layoffs multiplied compared to previous years, while the number of unemployed increased relatively little. The social security system, together with temporary legislative measures introduced during the crisis, succeeded in preventing an increase in income inequality, at least in the short term. (AI translation)

Publication Information

Isotalo, E., Kyyrä, T., Lähdemäki, S., Pesola, H., Ravaska, T., Suhonen, T. & Villanen, J. (2022), Suomen talous selvisi koronapandemiasta vähäisin vaurioin, Government´s analysis, assessment and research activities, Policy Brief 28/2022.