Sat, 23 Aug, 2014 01:38:54 AM FTimes-STT Report, August 23  Nordea's head of research and chief economist Aki Kangasharju. Photo Lehtikuva. Up to 10,000 jobs could be lost in the country if the crisis in Ukraine is prolonged, according to an assessment by the noted economist Anssi Rantala, reported the Finnish language newspaper Aamulehti.
According to Rantala, this could arise from indirect effects reflected in the economy over a long period of time.
He estimates that if the sanctions continue for a year, Finland’s GDP will shrink by 0.5-1 per cent. The drop by only half a percentage point, according to Rantala, would mean 10,000 layoffs in the long run.
Nordea’s head of research and chief economist Aki Kangasharju said the country’s economic growth rate may remain at zero due to the crisis.
“Investments will be minimal, general uncertainty will increase and consumer demand will drop. When export sanctions are broad, all the European countries will offer their products to China and Latin America,” said Kangasharju.
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