The economy recovers from the coronavirus

Finland’s coronavirus strategy and economic development in 2020

The economy contracted by approximately 3–5 percent — less than feared — partly thanks to massive stimulus measures. Finland performed exceptionally well in combating the coronavirus, but the chosen hybrid strategy was not followed with sufficient consistency: when faced with the autumn wave of infections, a return to stricter restrictions did not come in time.

A central observation is that citizens’ willingness to comply with recommendations is a limited resource — unnecessary restrictions deplete it. According to the vaccination schedule, the worst phase of the epidemic should recede by summer 2021, after which the economy can recover to the forecast growth of 3.9 percent. (AI translation)