Is Finland Headed Downhill?
The eurozone has been struggling to keep itself on the road to recovery — but with poor economic indicators and setbacks in many countries. One of the better performers within the eurozone, has been Finland. Unfortunately, that doesn’t exclude it from negative economic effects, and according to Bloomberg, job losses and high national debt are major problems for Finland.
Finland’s credit has been placed above all others in the eurozone, and the country has been given a AAA economy rating. Even so, the Finish Finance Minister, Jutta Urpilainen, said that the countries fiscal problems are “historic” ones. “I would like to promise that the euro crisis will end this year, that Finnish structural change in industry will stop and government-debt growth will halt,” he said, according to Bloomberg — “Unfortunately, I can’t,” Urpilainen said.
Annual Gross Domestic Product for Finland dropped down to 0.6 percent in October, unemployment reached 7.9 percent in November, up from 7.4 percent in October, and there are concerns about Finland overflowing on the European Union’s debt stipulations. “Finland is still quite significantly depressed,” said Paul Krugman, a Nobel Laureate, to Bloomberg.