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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Business

Finland’s Marin fights state expenditure for power.

Creator: Vesa Moilanen Creator: Vesa Moilanen
Creator: Vesa Moilanen Creator: Vesa Moilanen

Finnish Prime Minister Sanna Marin, who became the world’s youngest premier aged 34 in 2019, is fighting to keep in office in Sunday’s election amid a recession and accusations of excessive state expenditure.

Marin, who has been on Vogue and Time Magazine covers, is admired by millennials worldwide as a progressive leader.

She has been criticized by the opposition for her center-left coalition’s debt-fueled expenditures and by the media for partying during Europe’s energy crisis.

Marin argues education and health investment are essential to economic progress. Her opponents, right-wing National Coalition Party member Petteri Orpo and nationalist Finns Party member Riikka Purra want budgetary austerity to fix government finances.

In the latest poll, the National Coalition leads with 19.8% support, followed by Marin’s Social Democrats and the Finns Party at 19.2% apiece.

While personally popular, her party’s legislative win is uncertain. With 17.7% of the vote in 2019, the Social Democrats won narrowly.

Marin’s administration reversed decades of military non-alignment and applied for NATO membership in reaction to Russia’s invasion of Ukraine, a decision backed by practically all parliamentarians.

Both rivals argue Marin’s five-party coalition failed to control public finances and pledged to terminate the borrowing cycle if they win.

As of the third quarter of 2022, Finland’s public debt was 71% of GDP, up from 65% when Marin took office in late 2019, mostly owing to expenditures to help companies and households during the coronavirus outbreak and the war in Ukraine. As a result, Eurostat placed Finland 10th among the 20 eurozone nations.

Marin’s Social Democrats believe economic development will help Finland avoid debt and support tax increases over budget cuts.

Finland’s economy weathered the COVID-19 epidemic better than other European nations, but GDP fell to 1.9% last year and is predicted to enter a moderate recession this year. In December, inflation peaked at 9.1%.

Orpo told Reuters he would eliminate welfare spending like unemployment payments to reduce debt.

No ties have been established before the vote, but the winner must build a coalition of multiple parties to achieve a majority in parliament.

In January, Marin called the Finns Party “openly racist,” which Purra denied.

“Our values are not secret or shameful. Nationalist and patriotic, we protect Finland and Finnishness “Purra tweeted.

Purra told Reuters she wanted to reduce “harmful” immigration from underdeveloped nations outside the EU.

Her party would delay Finland’s 2035 carbon neutrality objective established by Marin’s government.

Early results from advance voting, which closed on Tuesday, will be revealed at 1700 GMT on Sunday after the polls open at 0600 GMT.


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