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Finland enters recession in Q4 2022 due to high-interest rates while Swedish GDP fell by 0.9%

Posted on March 3, 2023 |

In January 2023, the World Bank warned that the global economy could tip into recession soon however the situation appears to change based on location.

Finland saw two straight quarters of negative growth as between October and December 2022, Finnish GDP fell by 0.6%.

The country's economy suffered from high inflation reaching 8.4% in January as well as from the economic consequences of the Ukraine war.

The impact of the war and a quick increase in interest rates are contributing to the situation.

The International Monetary Fund predicted at the end of January that in 2023, global growth will fall from 3.4% in 2022 to 2.9%, then grow to 3.1% in 2024.

Meanwhile, the Swedish economy shrank more than expected, dropping by 0.9% in Q4 2022 and the Swedish central bank expects GDP to fall by 1.1% this year.