Thu, 18 Dec, 2014 01:59:39 AM Long-term unemployment increases sharply FTimes - STT Report, Dec. 18  A youth is searching job in the employment office website. File Photo Lehtikuva. The Ministry of Finance in latest economic outlook has downgraded the country's economic growth prospects.
According to the latest estimates, the economy will grow this year by 0.1 percent and 0.9 percent next year.
In September, the economic growth prospect for this year was estimated at 0.9 percent.
According to the ministry's forecast, the economy will grow by 1.3 percent in 2016.
The situation in the labour market will continue to decline and unemployment rate will rise to 8.6 percent this year.
Growth of Finnish exports next year will remain behind due to slow growth in world trade, and the loss of market share is set to continue.
In its report, the ministry said long-term and structural unemployment has risen sharply this year and is expected to continue rising next year.
In October, the number of persons unemployed for more than a year had already surpassed the 93,000 mark.
According to the ministry's estimates, the public deficit will slightly decline next year due to budget adjustments on one hand and slight economic recovery on the other. Still, the public debt exceeds 60 percent of GDP.
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