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Finnish Minister Warns of New Spending Cuts
World Economy

Finnish Minister Warns of New Spending Cuts

Finland may need to cut public spending by a further €1 to 2 billion next year, Finnish Finance Minister Petteri Orpo said on Saturday, Reuters reported. Orpo said in an interview with newspaper Helsingin Sanomatthe that the center-right government needed to implement new cuts if the Nordic country’s economy does not show clear signs of recovery before spring. The government is on track to make €4 billion ($4.24 billion) of spending cuts by 2019 and, with reforms, it aims to save 10 billion by 2030. “Forecasts show 1% growth for the near future. It is not enough to curb our debt from growing, or to tackle unemployment”, Orpo said. The eurozone member’s economy is struggling to restore growth after a decade of stagnation as the impact of the sharp decline in Nokia’s former phone business was exacerbated by high labor costs and a recession in neighboring Russia. According to preliminary data, Finland’s economy expanded 0.5% in the third quarter after stagnating in the previous quarter.

 

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