Finland’s economy grows at fastest pace in five years — The Nordic Times
Breaking News19:50SportEngland and Norway reach World Cup quarterfinals13:43WorldHamas dissolves Gaza government12:31SwedenOmbudsman criticizes preschool after Pride parade with children11:48WorldPeskov:. . .
Breaking News19:50SportEngland and Norway reach World Cup quarterfinals13:43WorldHamas dissolves Gaza government12:31SwedenOmbudsman criticizes preschool after Pride parade with children11:48WorldPeskov: Russia is now at war10:35WorldNew jewel heist shakes French museumhttps://nordictimes. com/the-nordics/finland/finlands-economy-grows-fastest-pace-five-years/FinlandPhoto: caliparisien/CC BY-NC 2. 0Finland’s economy is expected to grow at its fastest pace in five years, but the recovery is being slowed by high unemployment, bankruptcies and continued uncertainty abroad. This is shown in a new forecast from Hypo, the Finnish Mortgage Society, which is also reported byYle. According to the forecast, Finland’s GDP will grow by 1. 5 percent this year and 1. 7 percent next year. Hypo points out that confidence among households and businesses has strengthened and is now at its highest level since 2022. At the same time, war, trade conflicts and uncertainty over interest rates are holding back the recovery. —Uncertainty has not disappeared: rising unemployment and the large number of bankruptcies cast a shadow over the outlook for both households and businesses, said Hypo chief economist Juho Keskinen in apress release. Unemployment remains entrenchedAccording to Keskinen, unemployment in Finland is expected to average 10. 8 percent this year and fall to 10 percent next year. Hypo describes the level as the highest since the late 1990s. Purchasing power is improving for those who have jobs, but young people are finding it harder to enter the labor market. Periods of unemployment have also become longer, while part-time work is described as the new normal. At the same time, preliminary figures fromStatistics Finlandshow that Finland’s EU-harmonized inflation fell slightly in June, from 2. 8 to 2. 7 percent. The largest price increases were recorded in education services, which rose by 11. 5 percent year on year, followed by transport at 6. 4 percent. Prices for food and non-alcoholic beverages increased by around one percent. TNT is truly independent!We don’t have a billionaire owner, and our unique reader-funded model keeps us free from political or corporate influence. This means we can fearlessly report the facts and shine a light on the misdeeds of those in power. Consider a donation to keep our independent journalism running…https://nordictimes. com/the-nordics/finland/shoplifting-wave-finland-economy/FinlandFinnish shoplifting wave linked to strained household financesPhoto: iStock/PressmasterA person in a grocery store conceals an apple under their clothing. More Finns are struggling to make ends meet. The pressure on household finances is now also visible in stores, where thefts of food and other everyday goods are increasing. In Helsinki, the number of shoplifting cases is expected to reach about 26,000 this year. That means the number of cases has doubled since 2024, according to Helsinki Police. The increase comes as Statistics Finland reports that nearly one million Finns are at risk of poverty or social exclusion. In 2024, 17. 3 percent of the household population lived at risk of poverty or social exclusion. Everyday goods stolen more oftenAccording to criminologist Maria Normann, a senior lecturer in social work at Laurea University of Applied Sciences, the pressure on household finances is reflected partly in food and other ordinary consumer goods becoming more attractive targets for theft. —It is connected. We see that right now, a larger number of people are struggling to make ends meet in everyday life, she toldYle. She says people who shoplift do not form a uniform group. They may include children and young people, people with substance abuse problems, those experiencing homelessness, but also people who feel they are in genuine need. Normann also notes that theft offenses have historically been linked to poverty. When support and services are reduced, or when work is unavailable, more people may end up at risk. Retailers affectedShoplifting also creates costs for retailers, who need to spend more resources on security guards, checks and staff training. Normann also points to self-checkout kiosks as one possible partial explanation, but sees the underlying problem as a matter of welfare policy. —When you cut back on those services, it has far-reaching consequences, Normann said. TNT is truly independent!We don’t have a billionaire owner, and our unique reader-funded model keeps us free from political or corporate influence. This means we can fearlessly report the facts and shine a light on the misdeeds of those in power. Consider a donation to keep our independent journalism running…https://nordictimes. com/the-nordics/finland/debt-cases-hit-record-levels-in-finland/FinlandDebt cases hit record levels in FinlandPhoto: Emil Kalibradov/UnsplashAn increasing number of Finns are having their debts collected by the authorities. The National Enforcement Authority Finland says last year's record level could be surpassed this year. Last year, the National Enforcement Authority had more than 600 000 debtors for the first time, and according to district bailiff Barbara Heinonen at the authority in western Finland, the figure appears set to keep rising this year. She points to the pressure on many households after years of zero interest rates and payment-free months. When interest rates rose and unemployment increased, margins became tighter. —The rising figure is probably due to the fact that for a long time we lived in an interest-rate environment with zero percent interest rates. People also received payment-free months. But when that ended, and with the economic situation in society and unemployment as it is, the number of enforcement cases is increasing, Heinonen tellsYle. According to Heinonen, debt problems often appear with a delay, since banks and creditors must first go through the courts before debts can be collected. The most common measure is wage or pension garnishment, but last year a record number of homes and properties were also sold. At the same time, there are bright spots in the statistics. Last year, 38 percent of debtors became debt-free, while the average debt is around €28,000. Heinonen stresses that debt can affect anyone after unemployment, divorce, illness, or problems in business operations. —You should not bury your head in the sand if you end up with debts with us, and it is nothing to be ashamed of either, because it can be sorted out, Heinonen says. She warns young people in particular about payday loans, since a payment default entry can make it more difficult to obtain a student loan, insurance or a phone subscription. TNT is truly independent!We don’t have a billionaire owner, and our unique reader-funded model keeps us free from political or corporate influence. This means we can fearlessly report the facts and shine a light on the misdeeds of those in power. Consider a donation to keep our independent journalism running…https://nordictimes. com/the-nordics/finland/finnish-waters-stayed-calm-over-midsummer/FinlandFinnish waters stayed calm over MidsummerPhoto: iStock/Marko Hannula. A life buoy in the Helsinki archipelago. The Midsummer weekend passed quietly on Finland’s waters. Despite a considerable number of maritime rescue missions, most cases involved minor engine problems. The Finnish Lifeboat Institution carried out more than 90 missions between Thursday and Sunday, a level the organization describes as typical for a Midsummer weekend with good weather. Once all reports have been received, the figure is expected to reach around 120. Marko Stenberg, head of safety and preparedness at the Lifeboat Institution, nonetheless described the weekend as calm. There were few serious problems on lakes and at sea, which he linked to the warm and still weather. —It has mostly been minor engine problems. In most cases, we have helped with towing, Stenberg tellsSvenska Yle. The Finnish Lifeboat Institution has more than 50 stations in Finland and accounts for around one third of all rescue missions on lakes and at sea. The remaining missions are handled by the Border Guard or rescue services. Missions on the rise this springSince April, the Lifeboat Institution has carried out around 470 missions. In recent years, the figure for the same period has usually been around 300. This is the highest volume of missions since the Covid years of 2020 and 2021. According to Stenberg, there is no definitive explanation, but the uncertain global situation may have prompted more people to holiday closer to home. During July, traffic normally increases in the archipelago and on inland waters as many Finns are on holiday. Stenberg said that whether the busy start continues will depend primarily on the weather. TNT is truly independent!We don’t have a billionaire owner, and our unique reader-funded model keeps us free from political or corporate influence. This means we can fearlessly report the facts and shine a light on the misdeeds of those in power. Consider a donation to keep our independent journalism running…https://nordictimes. com/the-nordics/finland/finland-cut-benefits-newly-arrived-unemployed-migrants/FinlandFinland wants to cut benefits for newly arrived unemployed migrantsMigration crisis in EuropeMontage. Photo: Nuria Fatych/flickr, aboodi vesakaran/UnsplashFinland’s government wants to introduce a lower benefit for newly arrived unemployed migrants. Finland’s government wants to introduce a new, lower benefit for newly arrived migrants who do not have work. The proposal is also tied to requirements for employment or language skills in Finnish or Swedish. The proposal, which has now been submitted to parliament, targets people who have recently moved to Finland and do not meet the work requirement for unemployment benefits. According toYle, the support would be €33. 64 per day, about 90 percent of the level received by other job seekers. The lower benefit could apply during the first three years in the country if the person does not find work or cannot demonstrate sufficient knowledge of Finnish or Swedish. The government describes the proposal as a way to strengthen incentives for work and language learning. —Finland needs work- and skills-based immigration, and people who come here must also have realistic opportunities and incentives to find work. Language skills are central to getting a job, Social Security Minister Sanni Grahn-Laasonen said, according to Yle. Critics have previously warned that the model risks treating newly arrived migrants differently when they have not yet established themselves in the labor market and lack sufficient language skills. According to Yle, the proposal is part of a broader reform of Finland’s social security system. TNT is truly independent!We don’t have a billionaire owner, and our unique reader-funded model keeps us free from political or corporate influence. This means we can fearlessly report the facts and shine a light on the misdeeds of those in power. Consider a donation to keep our independent journalism running…