(MENAFN) According to forecasts, the Finnish economy will experience the fourth consecutive year of negative growth in 2015 followed by a fragile growth in 2016, Xinhua reported.
The Finnish economy will be still stuck in recession with -0.3 percent growth in 2015, it will resume to growth by 1.0 percent in 2016, Nordea Bank said in a released predictions.
The economic downturn in Russia hits the Finnish economy harder than the other Nordic countries. With the serious structural problem, Finland is also struggling with a risk of new growth disappointments.
"Finland needs to reduce labor costs to improve the export sector's competitiveness, cut taxes to support domestic purchasing power and lower publish spending," Nordea's chief economist said.
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