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2020 OECD Economic Surveys: Finland 2020

image of OECD Economic Surveys: Finland 2020

The COVID-19 pandemic has plunged Finland into a deep recession, albeit less severe than in most other OECD countries. Finland managed to bring the first wave of the coronavirus under control quickly through a combination of voluntary mobility reductions and timely containment measures and is on track to do the same for the second wave. Nevertheless, many people have been laid off and the budgetary costs of supporting household- and business incomes have been considerable. Once the recovery is underway, substantial consolidation measures will be needed to achieve the government’s objective of eliminating the structural budget deficit by the end of the decade. Closing routes to early retirement would make a large contribution to achieving this objective.

SPECIAL FEATURE: RAISING EMPLOYMENT

English Also available in: French

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Increasing the minimum age for extended unemployment benefit pushes back the sharp rise in unemployment rates for older workers in the run-up to benefit eligibility

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