Finland turns humble as its economic outlook worsens

Over the past few years, when the EU (together with the IMF) has had to rescue several member states from economic collapse, Finland has boasted with self-confidence. No longer. Finns have come back from their lakeside summer cottages to face grim figures about the economyStreets_of_Helsinki,_Finland,_Northern_Europe. While industrial production has returned to small growth in the Eurozone, fresh statistics place Finland at the bottom among EU countries with a 5.7 per cent drop in industrial output between June 2012 and June 2013. Confederation of Finnish Industries, the leading interest organisation of Finnish companies, sees the main reason in a creeping decrease of competitiveness over several years. Finland, it claims, is comparable to Italy these days – one can hope Italians will not be offended. The government is ringing the alarm bells and warning about painful structural reforms ahead.