OECD Economic Outlook, Volume 2022 Issue 1
The war in Ukraine is a major humanitarian crisis with associated economic shocks that threaten the post-pandemic recovery. The OECD Economic Outlook, Volume 2022 Issue 1, highlights the implications and risks for growth, inflation and living standards from higher commodity prices and potential disruptions to energy and food supplies, and discusses the associated policy challenges.
This issue includes a general assessment of the macro-economic situation and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD Members as well as for selected partner economies.
Finland
Economic growth will slow sharply to 1.1% in 2022 and 0.6% in 2023 owing to the waning of the COVID‑19 rebound and to the war in Ukraine. Private consumption will be depressed by falling real household incomes but should slowly recover from late 2023 as they begin to rise again. Headline inflation will fall slowly from a peak of 7% in late 2022. After dropping sharply this year, exports should accelerate next year as exporters find new markets and world trade picks up. The main downside risk is that a wage-price spiral develops, increasing inflation and reducing competitiveness and growth.
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