Munich, May 10, 2019 – International economic experts fear that the tariff war between the US, China, and Europe will lead to a decline in world trade. This is the result of the World Economic Survey conducted by the ifo Institute among 1,130 economists worldwide. When asked to name the most significant consequence of the higher tariffs, the predominant answer was “less trade.”

OP’s economists forecast a slow economic recovery following the major leap forward taken in the third quarter. The recovery will progress at the pace set by the pandemic, backed by economic stimulus measures. A faster-than-expected launch of Covid-19 vaccines on the market might accelerate the recovery.

OP’s economists forecast that Finland’s GDP will contract by 4.0% in 2020 and rebound to a 3.0% growth in 2021.

THE FINNISH CENTRE FOR PENSIONS has confirmed that the earliest retirement age for Finnish workers will be raised by three months in 2019. The upper age limit for retirement will not be affected.

The increase was previously approved in 2017 as part of a wide-ranging package of pensions reforms passed in the Finnish Parliament. The increase only applies to the earliest retirement age possible, which will increase by three months, meaning that the new minimum retirement age will be 63 years and 6 months exactly.

THE HEAD ECONOMIST FOR NORDEA, AKI KANGASHARJU,has warned of poor growth prospects for Finland in 2019, warning that other economists have gotten their predictions wrong.

While earlier growth predictions for the Finnish economy have been more upbeat, coming in at close to 3%, Kangasharju said in an interview with YLE Radio 1 this morning that “economists are always late” when it comes to spotting slowdowns.