The Room for Growth -The project on measures to boost economic growth

VNK024:00/2024 Development

Basic information Completed

Project number VNK024:00/2024

Case numbers VN/26587/2024

Set by Prime Minister’s Office

Project stage Completed

Term/schedule 26.9.2024 – 28.2.2025

Date of appointment 26.9.2024

Relation to the Government Programme

Orpo

Chapter 1 Kestävä julkinen talous

Subchapter 1.1 Talouspolitiikka

Project status

Goals and results

The Prime Minister’s Office has launched a project to find new ways to boost economic growth. The aim is to produce concrete proposals for growth in the private business sector for the Government to decide on in its mid-term policy review.

In addition to reforms requiring extensive preparation, the project is looking for quicker measures and smaller, micro-level solutions. Another goal of the project is to serve as a catalyst for discussions on economic growth and to create a positive atmosphere of trust in the opportunities the Finnish economy has to offer. The project is looking for solutions related to regulation, state assets, organisational structures, operating methods, taxation, budget appropriations and other areas where the state can exercise control. Given the limited fiscal room for manoeuvre, priority should be given to measures that will not require direct increases in public spending or that can be implemented cost-neutrally.

The expert group leading the project will gather proposals for boosting growth from a variety of actors in society, and will draw on studies and reports produced in recent years. The group may also come up with entirely new ideas. The preparations will make use of a variety of discussion forums, such as the Economic Council chaired by the Prime Minister. The expert group will outline the preparation process for compiling and evaluating the proposals in more detail at a later date. The group is set to complete its final report by 28 February 2025.

Starting points

The Finnish economy is suffering from chronically slow growth. Economic growth has been very slow on average since the financial crisis, and Finland’s relative standard of living has declined in relation to traditional reference countries as well as the EU average. From 2008 to 2023, Finland’s gross domestic product grew by just five per cent. Despite the cyclical recovery of the economy, forecasts for economic growth in the next few years are fairly subdued.

Slow economic growth is one of the main reasons for the problems facing general government finances. The Government has decided on substantial adjustment measures to reverse the growth of the general government debt ratio by the end of its term. However, the foreseeable rise in age-related expenditure means that faster than anticipated economic growth will be needed to finance the welfare society in the future. Without economic growth, Finland will have no choice but to continue its significant adjustment measures in the coming years.

Read more

Room for Growth working group: Finland’s growth requires renewal of business structure and competence

Prime Minister's Office Press release 28.2.2025 13.37

Room for Growth public online survey generated over 700 responses

Prime Minister's Office Press release 9.1.2025 15.35

Prime Minister Petteri Orpo’s Room for Growth project to host discussion event on 19 November

Prime Minister's Office Press release 15.11.2024 14.53

Room for Growth project seeks ideas for economic growth through open survey

Prime Minister's Office Press release 28.10.2024 12.07

Prime Minister Orpo: Finland needs bold new measures to boost growth

Prime Minister's Office Press release 26.9.2024 13.22

Developing and statute drafting in the Government

The ministries implement the Government Programme, draft acts and other statutes, and promote reforms through different kinds of projects, working groups and bodies. Information on all this is available on the Government website.

All ministries' projects are available on the Government website valtioneuvosto.fi/en/projects

Valtioneuvoston hankeikkuna

Tiedot tuottaa ministeriöiden Hankeikkuna - valtioneuvoston sisäinen hankehallinnan palvelu. Toivomme palautetta osoitteeseen info.hankeikkuna(at)gov.fi.

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