The Finnish Economy
After the Second World War Finland experienced 50 years of growth. War reparations to the Soviet Union forced Finland to build up their industry infrastructure to be able to repay their debt. A strong metal and engineering industry rose alongside the traditionally powerful forest industry. After the debt was paid Finland established a good trade relation to the Soviet Union. In the 1980s the declining oil prices showed fractures in this symbiosis, as Finland traded their goods for Soviet Oil. In 1989 the Soviet Union collapsed and the main market for Finnish export products collapsed as well. This was also the start to the Finnish recession that lasted all the way to the mid 1990s. The recession had its roots deeper; the Finnish government and companies had practised ‘casino’-economics, which means a deregulation in the financial markets. When the government realized that the downturn had started, it was too late for actions. The government went heavily into debt and the unemployment affected as many as almost a fifth of the workforce.In 1991 the country was forced to devalue its currency when the ‘internal’ devaluation had failed. The industry got back to its feet d
When Finland joined the EU in 1995, the work against unemployment started to function. In the beginning the annual fall of unemployed workers was at approximately 1% per year. In 2000 the rate was at 9,8%. The years 2001 and 2002 showed a steady 9,1% and this is probably the level which will be hard to go under. According to the Labour Force Survey of Statistics Finland, 23,1% of the unemployed were long-term unemployed (unemployed for a year or more) in 2002. The youth (ages 15-24) unemployment rate is relatively high and recorded 21% in 2002. (Tilastokeskus)
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Tilastokeskus UNEMPLOYENCY,
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EMU Sweden,
Finland Tilastokeskus,
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Index CPI,
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FinnFacts INFLATION,
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inc american express,
strategies inc american,
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Approximate Word count = 1942
Approximate Pages = 8 (250 words per page double spaced)
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