HELSINKI, March 19 (Xinhua) -- The economic growth of Finland would probably not exceed 0.7 percent this year, far less than the previous expectations, according to forecasts.
The Finnish Ministry of Finance on Tuesday downgraded its forecast for 2013 to 0.4 percent, reported Finnish Broadcasting Company YLE. The ministry made a forecast of 1.2 percent last summer.
The Financial Ministry insisted that the change was not dramatic, but admitted the great emergency of the government's saving program, which will be intensively discussed on Thursday.
The ministry also forecast that the unemployment rate would be slightly higher than expected by 0.5 percent, comparing to last year.
Also on Tuesday, both Nordea Bank and Pellervo Economic Research of Finland lowered the economic outlook of Finland as well. Noedea's forecast for 2013 was 0.5 percent and for 2014 was 2.2 percent, whereas PTT's outlook was 0.7 percent for 2013 and 1.4 percent for 2014.
According to Nordea Bank, Finland's gross domestic production (GDP) has decreased significantly since the end of last year. Nordea Bank warned that the growth will remain slowly for a long period of time, if the economy is not reinforced efficiently.