KOLUMNI
More opportunities than ever
IN THE EYES of European decision-makers, President
Joe Biden’s inauguration represents a return to stability
in the policy-making environment. President
Biden offers a renewal of the transatlantic relationship,
stating repeatedly that he will work to strengthen
international ties and multilateral institutions.
There are more opportunities than ever for Finland,
Europe, and the United States to work together
to solve global challenges: from economic recovery
and climate change to increased commercial opportunities
in the digital, sustainability, energy, and
healthcare technology spaces. Working together on
developing the digital economy, combatting China’s
unfair trade practices, and boosting trade are key to
a mutually successful transatlantic future.
We spoke to Timo Vuori, Executive Director of
the International Chamber of Commerce in Finland,
who noted warmly that “If in a global world, the U.S.A.
and Europe with similar Western values and democracies
- if we cannot conclude on those global rules, then I may
ask with whom we could agree on those.” With calls for
cooperation on both sides of the Atlantic, the future
of the transatlantic relationship seems bright.
In the U.S., spending initiatives will be front-loaded
during Biden’s presidency, when both his political
capital and public need are at their peak. However,
this is no ordinary first 100 days. President
Biden’s leadership in handling the Covid-19 pandemic,
which has spiraled out of control in the U.S.,
is key to a return to economic prosperity. A swift
pandemic recovery will lead to economic growth and
the normalization of business travel, labor mobility
(and immigration), opportunities for commercial
growth, and investment in new technologies. This
is key for Finnish businesses entering, selling to or
operating in the U.S. market.
March 2020 ended 128 months of economic expansion,
the longest in U.S. history. In Q2 of 2020
the economy contracted by a record 31,4%. In April,
unemployment skyrocketed to 14.7
% as companies furloughed workers
and remained in double digits until August 2020. It
has been a dramatic period of economic decline. The
U.S. economy lost 140 000 jobs in December and is
clearly not out of the woods. However, we spoke to
Curtis Dubay, Senior Economist at the U.S. Chamber
of Commerce who noted that he was very optimistic
about where the U.S. economy is headed in 2021.
Since a peak job loss of 23 million jobs, the U.S. has
already added back 12 million jobs.
Curtis noted, “If we can get past the virus faster,
we’re set up for really robust growth this year; 5-6%
GDP growth. We have a portion of the economy that
has recovered, we have a huge portion that wants to get
back to normal, and then we have all this money that the
government is pumping into the economy. So, I’m very
optimistic about the second half of the year, but the virus
is really what will determine how things go. I’m anticipating
that we will get back to the pre-pandemic size of
our economy in March 2021.”
In the coming week, we are likely to see another
relief package and heavy rollbacks of Trump’s policies.
Within hours of taking office, Biden signed 17
Executive Orders, including an agreement to rejoin
the Paris Climate Accord, as well as the cancellation
of the so-called ‘Muslim ban.’
President Biden is demonstrating quick action
on the pillars of his campaign: rebuilding the American
manufacturing base, a rollback of the drastic
tax cuts made during the Trump administration,
building sustainable infrastructure, increasing racial
equity, and adapting to climate change. He is
already taking actions towards each of those goals.
Whether it’s the ‘Buy American’ Executive order or
the diversity in his cabinet picks, President Biden
is moving forward swiftly to do his part in what he
promised the American people.
At Amcham, we are looking to harnessing this
forward momentum and will put every effort into
working with our partners and helping the transatlantic
economy do the same.
Alexandra Pasternak-Jackson, CEO at Amcham Finland, is working to make Finland a more open and
international place to do business and to help Finnish companies navigate the US market. She has taught
on the importance of networking as well as held non-profit board positions, both in Finland and the US.
Alexandra holds an MBA from Haaga Helia University of Applied Sciences and a BA from the Elliott
School of International Affairs at the George Washington University. She lives in Helsinki with her Texan
husband and two kids.
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