Amid major demographic changesFinland has reported a significant increase in its working-age population, largely due to an increase in net immigration. henna basque, Senior Economist at Pererbo Institute of Economic Research (PTT). These insights come after Statistics Finland published new statistics on Thursday.
Provisional demographic statistics for 2023 reveal that nearly 72,000 people immigrated to Finland from abroad, the highest number in a row.
Net immigration also reached an unprecedented high of more than 58,000 people. Although these figures include temporary factors such as Ukrainian refugees fleeing the war, the overall trend in net migration is increasing, suggesting continued growth in the working-age population. Bask points out that there are.
According to PTT’s projections, net immigration in this “new normal” could stabilize at around 25,000 people per year in the long term. This influx is expected to maintain the growth in the working-age population, in contrast to Statistics Finland’s previous forecast, which predicted a decline.
Despite demographic changes, the December Labor Force Survey showed little change. The number of employed people aged 15 to 74 in December 2023 was almost the same as the previous year. However, the unemployment rate increased by 12,000 compared to the previous year.
Although the economic situation has deteriorated, the labor market has not deteriorated to the same extent. The market has weakened slightly, but remains strong. The number of layoffs in December increased by 20,000 from a year earlier, indicating that the labor market is adjusting primarily through layoffs.
Interestingly, the number of long-term unemployed did not increase in December, despite its high level. Basque finds it difficult to explain this stagnation. One possibility, he said, is that some long-term unemployed people may have left the labor force completely.
HT