March 18, 2020 / 7:50 AM / 15 days ago

Finnish economy to shrink 1.5-4% in 2020 -CenBank

March 18 (Reuters) - The Finnish economy will shrink between 1.5% and 4% this year due to the coronavirus outbreak, the Bank of Finland said in its economic forecast on Wednesday.

“A sharp drop in export demand will push Finnish economic growth clearly to negative territory,” the central bank said in a statement.

“If at the same time domestic household demand will decrease significantly and production supply chains will tumble due to the pandemic, the recession can be even deeper,” it said.

Finland will start restricting traffic across its borders on Thursday, with cargo transport continuing.

Earlier this week, economic research institute ETLA said Finland’s gross domestic product would fall between 1% and 5% this year because of the coronavirus pandemic, with the most negative scenario seen as the most likely outcome. (Reporting by Tarmo Virki; Editing by Anne Kauranen and Alex Richardson)

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