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Some excerpts from Mauri Kotamäki’s (Chief Economist/Finland Chamber of Commerce) latest July 2020 economic review:
- The more open the economy, the more open it is also to disruptions in the economy. Finland is an open economy with about 40% of its GDP coming from exports.
- One of the main tasks of decision-makers is to reduce the uncertainty that has been growing dramatically during the last few months.
- This year, the total amount of exports and proof-of-origin documents given by the chambers of commerce has decreased significantly.
- If the coronavirus crisis would impact the economy the same way as the financial crisis 2008-09, the economic growth would turn positive during the 2nd quarter of 2021. In this case, the GDP would drop only by about 6%.
The original (in Finnish):