Study finds Finland’s economic forecasts consistently inaccurate

Study finds Finland’s economic forecasts consistently inaccurate

The report was written by Lauri Finér, executive director of the Kalevi Sorsa Foundation, and Jussi Systä, an economic policy expert. Photo: Emmi Korhonen / Lehtikuva

Study

Finland’s main economic forecasting institutions have repeatedly missed actual GDP growth by wide margins, according to a new study by the Kalevi Sorsa Foundation, which argues that fiscal policy should rely less heavily on forecasts and more on confirmed economic data.

The report examined forecasts from the Ministry of Finance, Bank of Finland, Etla, Pellervo Economic Research, Labore, Nordea and OP Pohjola.