Aktia Bank has downgraded its forecast for the Finnish economy next year. The institution now expects GDP to grow by just 1.8 percent, down from its previous estimate of 2.2 percent.
Aktia’s chief economist Heidi Schauman says that the economic outlook for Finland and the rest of the world has weakened this autumn.
The Finnish economy narrowly edged back into growth in 2015 following three years of contraction.
"Many elements creating uncertainty"
According to Aktia’s figures, last year’s growth of 2.8 percent was the peak of this upswing, dipping to 2.4 percent this year and below two percent next year.
“The world economy is dominated at the moment by many elements that are creating uncertainty: the normalisation of fiscal policy in both the United States and the eurozone, extremely volatile markets, trade war and its attendant uncertainty, as well as Brexit and concerns over Italy, which create an economic atmosphere that is no longer as positive as it was a year ago,” Schauman said in a statement on Wednesday.