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Fri, 23 Sep, 2016 12:05:25 AM FTimes – STT Report, Sep23  PTT's economist Janne Huovari. Photo Lehtikuva. The country’s Gross Domestic Product (GDP) growth will slightly improve this year and in 2017, forecasts the Pellervo Economic Research Institute-PTT.
The GDP according to Pellervo will grow by 1.2 per cent this year and 1.4 per cent in 2017.
The economic growth this year will be supported by construction and consumption. In 2017, consumption is forecast to slow down; however, construction activities will continue to grow strongly and the exports will strengthen.
Major structural reforms are still needed in the labour market, PPT recommends. The government target to raise the country’s employment rate to 72 per cent is also needed to be achieved.
According to PTT’s estimation, the competitiveness agreement and employment benefit changes will help reach the target by about one third.
“Great improvement in unemployment can also be achieved by supporting groups which are on average less employed. For instance, the employment rate of immigrants and young people can be raised steadily by facilitating access to the labour market.
“A good example of this is the work trials to be introduced in the construction industry next year. The other one is a different type of work support,” said PTT economist Janne Huovari.
According to PPT, reforms are also needed in the housing market, since the housing supply is not reacting quickly enough to the changes in demand.
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