Finland fears for its economy

The recession in Finland might be worse than feared, the country’s finance ministry informed today. The country’s GDP might in the course of the year shrink by five percent.

The Finnish economy is in for a worse recession than previously thought, the Ministry of Finance said on Tuesday. Recession will be both longer and more far-reaching than expected, a new outlook predicts, Yle News reports. With that follows increasing unemployment and reduced exports. Unemployment is expected to grow to nine percent of the work force by the end of this year. Exports are predicted to take a hit of 19,6 percent. This could be matched by a 17.5 percent drop in imports as well, Yle writes.