Finland's debt continues to rise, and Fitch has downgraded its rating for the first time in nearly a decade.

Jin10 Data reported on July 26 that Finland has encountered its first credit rating downgrade in nearly a decade due to the government's failure to control the continuously expanding debt scale. Fitch Ratings announced on Friday evening that it has lowered Finland's long-term sovereign credit rating from AA+ to AA, the lowest among the three major rating agencies. "Finland's government debt level remains high and continues to rise. We expect a lack of sufficient fiscal consolidation measures in the medium term to stabilize the debt scale," Fitch pointed out in its statement. Finnish Prime Minister Orpo's government is trying to repair the long-standing deficit-ridden fiscal situation. Since 2009, Finland's public finances have recorded deficits for several consecutive years. The government's current goal is to stabilize the debt-to-GDP ratio by 2027. The fundamental problem troubling Finland's economy is that the transformation of its export-oriented industrial structure has not yet been completed. Several consecutive governments have failed to effectively cut spending to address the fiscal gap caused by declining revenues in core industries.