Recent news in Finland has painted a bleak picture with over 1,100 job cuts announced by various companies like Attendo, Bayer, and UPM. Ovako, for example, plans to lay off 70 employees at its steel mill in Imatra, South Karelia. Telia, Valmet, Leos Hoplot, and Apotti have also announced layoffs, pointing to a worsening employment situation. Economists predict the unemployment rate to reach as high as 8.5%, staying at that level into 2025.
The government’s austerity measures have led to consultations for job cuts in public agencies and well-being services, further straining the economy. The labor market has deteriorated more than expected, causing concerns among economists. Layoffs not only impact individuals but also have ripple effects on the real estate market.
With no signs of improvement in sight, the future looks uncertain for many in Finland as they brace for more challenges ahead.