Russia’s war of aggression in Ukraine creates uncertainty for the international economy and has broad multiplier effects. Rising prices weaken consumers’ purchasing power, increase production costs and reduce willingness to invest. On the other hand, projects related to circular economy, digitalisation and clean energy solutions are progressing quickly in the regions.

In a report commissioned by the Ministry of Economic Affairs and Employment, likely future outlooks for regional development in Finland have been examined through four different scenarios. According to these scenarios which extend to 2040, regional development may be globally selective, concentrated on raw materials and tourism, patchwork-like or balanced.