Do Finns have the patience?

The Finnish economy has been in a mild recession for fifteen years. Now, there seems to be - perhaps - some light at the end of the tunnel once again. This is because, according to preliminary data from Statistics Finland, the seasonally adjusted gross domestic product (GDP) of Finland grew by 0.4 percent from January-March to April-June.

It remains to be seen whether Finland will finally succeed in returning to a growth trajectory that would also allow for balancing the state budget and, eventually, reducing the country's debt. And in time, also increasing the funds available for public services.

In my view, all this is possible, but it requires what former President Urho Kekkonen emphasized in 1952: patience. However, the situation now is different from back then, as the President at that time was urging taxpayers to finance the industrialization of Northern Finland to exploit the region's rich natural resources.

Now, it is more about having the patience to refrain from new public services - and even reduce existing ones - so that the private sector would dare to invest in the country. This applies to both domestic and foreign investors. And workers, who should be willing to follow job opportunities to where they are available.

Previous thoughts on the same topic:
Balancing the Books
The difficult times for Finland's economy are coming to an end
Why Can't Finland Find Workforce?