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OECD Economic Surveys. Finland
- Author / Creator
- Available as
- Online
- Summary
-
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 quick...
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.
Details
- Format
- Books
- Language
- English
- Publication
-
- Paris : OECD Publishing, 2020
- ©2020
- Physical Details
-
- 1 online resource (120 pages)
- ISBNs
- 9789264451353, 9264451358, 9789264837201, 9264837205, 9264362223
- OCLC
- on1225551327
- Intro -- Basic statistics of Finland, 2019 -- Executive Summary -- The COVID-19 pandemic caused an economic slump -- Macroeconomic policies are supporting economic recovery -- Fiscal consolidation is needed once the economic recovery is underway to stabilise debt -- Stronger productivity growth will bolster the economic recovery -- Further measures are needed to meet greenhouse gas abatement objectives -- 1 Key policy insights -- The pandemic caused an economic slump in the first half of 2020 -- The government provided a bridge to businesses and households to traverse the crisis -- Measures to support employment and income -- Measures to support businesses -- Government policies are supporting a strong rebound from the slump -- Fiscal policy is expansionary in 2020 -- Monetary policy is boosting credit supply and keeping interest rates low -- Macro prudential policies should be tightened as the economy recovers to contain financial stability risks -- The recovery will be gradual and subject to risks -- Restoring public finance sustainability -- Boosting productivity growth -- Fostering the supply of skilled workers -- Easing regulatory barriers to competition -- Further measures are needed to achieve Finland's GHG emissions abatement objectives -- Perceived corruption is low, tax transparency is high but some aspects of anti-money laundering measures need strengthening -- Annex A. Finland's early policy response against the COVID-19 -- References -- 2. Realising the government's objective to increase employment -- The employment rate gap between Finland and the Scandinavian Nordics -- The employment rate gap for older workers -- The employment rate gap for young women -- The employment rate gap for youth -- Reforms since the turn of the century to increase employment
- Tightening access to disability pension and increasing the share of employers subject to experience-rated contributions -- Increasing the age of entitlement to extended unemployment benefit -- The 2005 and 2017 old-age pension reforms -- Boosting activation -- Reducing effective tax rates on labour income -- The employment package announced in 2019 and revised in the proposed 2021 budget -- Increasing the employment of older workers -- Early retirement pathways reduce employment of seniors -- Phase out the unemployment benefit route to early retirement -- Align conditions for obtaining disability benefit for older workers with those for other workers -- Enhancing current and future older workers' skills -- Maintaining employability at older ages through more targeted lifelong learning -- Strengthening employment services to boost the re-employment of older workers -- Adapting the workplace to older workers -- Fighting age discrimination -- Increasing the employment of mothers with young children -- Financial working incentives are weak -- Reducing the homecare allowance would improve work incentives -- Enhancing access to childcare -- References