Worrying developments with increasing inflationary pressures

In this autumn's issue of Delivered, readers had the opportunity to meet economic veteran Johnny Åkerholm, who gave his views on the economic situation in Finland and the effect the pandemic will have on our economy. Six months have passed since the interview was done – did it turn out as he predicted?

The short answer is yes. The period of growth and higher figures that Åkerholm predicted has been realised.
"Now at the end of the second quarter, Finland's economy is at the same level as before the pandemic – but we still haven't reached the standard of living in 2008. Hopefully this will happen next year, believes Åkerholm, who also warned of the risk that the improved figures may be misinterpreted. On this point, too, he was right.

"There are clear signs that our government regards the problems as solved – but this is not the case. Finland's structural problems remain and both a strategy and concrete measures on how to create permanent growth in the country are still conspicuous by their absence. The measures themselves are not about cutting back, but are instead absolutely necessary so that we DO NOT have to start making cuts, Åkerholm clarifies.

Inflationary pressures that were evident already this spring have increased further and are now as bad as Åkerholm feared.
"Price increases are visible in many ways in society – this applies to everything from groceries to rents for holiday cottages, not to mention the construction costs. Even on small things like parking fees, they are clear, he notes. He sees the development as very worrying.
"And most worrying of all is that the Central Bank doesn't seem to take it seriously," he concludes.

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