The debt burden of the state of Finland will shortly become higher than ever before. The previous debt record set in the aftermath of the recession of the early 1990s will soon be consigned to history, the State Treasury reports. In the comparison, inflation has not been taken into account.
According to the International Monetary Fund, in only a few years’ time Finland’s state debt will also grow to a record high relative to the country’s gross domestic product.
The IMF predicts that after five years the state debt will reach over 76 per cent of GDP.
Finland’s highest-ever debt-to-GDP ratio of 67% was recorded in 1996.
At the end of August, the Finnish state owed EUR 70 billion, which adds up to EUR 13,006 for each individual Finn.