OECD economic surveys : Finland 2018.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, author, issuing body.

Language:

English

Subjects (All):

Finland--Economic conditions.

Finland.

Finland--Economic policy.

Economic history.

Physical Description:

1 online resource (126 pages)p

Place of Publication:

Paris : OECD, [2018]

Summary:

The Finnish economy is rebounding strongly after almost a decade of lacklustre economic performance. The revival in global growth and investment, coupled with competitiveness gains, is boosting exports. Consumption remains healthy despite slow income growth and both business and residential investment are buoyant. Nevertheless, a rapidly ageing population limits the long-term growth potential and weighs on public finances. Increased mobility of tax bases related to globalisation creates further challenges in raising revenue, while the tax system should also support growth, competitiveness and employment, and maintain its ability to contain income inequality. To ensure steady and inclusive growth, Finland's employment rate, which is markedly lower than in the other Nordic countries, needs to be lifted. The welfare system has to generate strong work incentives, protect the vulnerable and adapt to a changing world of work. This Survey assesses the respective merits of introducing a universal basic income and streamlining the social benefit system in moving towards these objectives.

Contents:

Intro; Table of contents; Basic statistics of Finland; Executive summary; The economy has gained momentum as exports have surged; Output and exports are growing strongly1; Reforming taxation could boost growth; Income redistribution lowers inequality; Redesigning social welfare is necessary to lift employment while protecting the vulnerable; Work does not always pay1; Assessment and recommendations; A strong revival in exports is boosting growth; Figure 1. Real GDP growth is gathering momentum; Figure 2. GDP per capita and employment rate are below the other Nordics. Figure 3. GDP per capita gaps reflect both productivity and labour utilisation differencesBox 1. The Competitiveness Pact; Box 2. The health, social services and regional government reform; Table 1. Macroeconomic indicators and projections; Figure 4. Unemployment remains high; Figure 5. Main export sectors and destinations; Table 2. Possible shocks and their economic impact; Figure 6. Productivity needs a boost; Table 3. Past recommendations on productivity-enhancing reform; Strong economic performance and low inequality foster well-being; Figure 7. Finns enjoy a high quality of life. Figure 8. Income inequality is low and stableTable 4. Past recommendations to promote gender equality; Figure 9. Gender inequalities persist; Environmental achievements and ambitions are high; Figure 10. Environmental performance is strong; Table 5. Past recommendations on environmental sustainability; Structural vulnerabilities remain in the financial sector; Figure 11. The banking system shows some vulnerabilities (2017 Q3 or latest); Table 6. Past recommendations on financial stability; Figure 12. Household debt is moderate and housing prices are broadly stable. Public finances are under pressure from an ageing populationTable 7. Impact of budget measures; Figure 13. The government deficit persists but debt is contained; Figure 14. Health reform and higher employment would help stabilise debt; Table 8. Past recommendations on fiscal policy; Table 9. Past recommendations on health care; Reforms to the tax system would enhance growth; Figure 15. Ageing is increasingly weighing on public finances; Figure 16. The tax burden is among the highest in the OECD. Figure 17. Social spending is not as high in international comparison when private social spending and taxation of benefit income are taken into accountRaising property taxes and moving further towards tenure-neutral taxation of housing; Figure 18. Tax revenue from recurrent taxes on immovable property is still relatively low; Reducing the scope of reduced VAT rates; Figure 19. VAT rates are high but efficiency is slightly below average; International cooperation is required to avoid a race to the bottom in business taxation; Figure 20. Corporate tax rate and revenue are low.

Notes:

Description based on print version record.

ISBN:

9789264289819

926428981X

9789264289826

9264289828

OCLC:

1031344574