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Bank of Finland optimistic about Finnish economy

02/12/2009

The worst of the recession should be over for the Finnish export industry, according to the Bank of Finland.

Speaking to Finland’s national broadcasting company YLE this week, Seppo Honkapohja, a Bank of Finland board member, said that “The messages we’re seeing tell us that the economy is turning or that it has already turned.”

According to the Bank of Finland, the collapse in world trade has hit Finland particularly hard because the country’s industrial economy is dependent in exports. “The scale of the slump in Finnish exports was due in part to the fact that Finland’s export industry specialises in the production of capital goods and their components,” stated bank’s analysis earlier this autumn.

Now Honkapohja believes that the worst is over. Despite some mixed signals from the global markets, he advises Finnish export companies to start readying themselves for a period of growth as the world economy begins to recover.

 

Sources: YLE and Bank of Finland

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