Executive Search in Finland – 2021 Outlook
Coalition Drags Down Covid Recovery
The political outlook is not the best as the activity in Parliament doesn’t reflect the real sentiment of the population. A Center-Left coalition supporting the government has been divided by too many different political interests which might effect recovering from COVID-19 in Finland.
The forecast is based on the assumption that stringent restrictions will be imposed at the end of the year to press down the incidence rate of COVID-19 infections, which will retard economic growth. Domestic demand for services will remain weak and foreign trade suffers from the continued pandemic.
The economy is expected to recover when the uncertainty caused by the pandemic is dispelled in the course of 2021. Growth in demand items that will accelerate towards the end of 2021 will give an additional boost to the economy in 2022. GDP is expected to grow by 2.0% in 2022 and 1.4% in 2023.
The deficit in general government finances will remain substantial in 2021 as the healthcare efforts required to deal with the pandemic and the support measures to alleviate its effects keep public expenditure at a high level. The imbalance between revenue and expenditure will remain so large that public debt in relation to GDP appears to continue to grow throughout the first part of the 2020s.
In general, the opportunities for Executive Search and HR Consulting are expected to go ahead without any important impact.
Contact the author Markku Sahi at markku-sahi@cornerstone-group.com
For more information on executive search services in Finland, visit Cornerstone Helsinki