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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 due to this measure, but its effect on the domestic market was devastating. Many businesses had borrowed in foreign currency due to low interest rates. The loans became unbearable to many businesses.
             In the 1990s the Finnish industry grew a third "supporting leg". Along with the forest sector and metal and engineering, high technology rose to represent a major source of export revenues with the likes of Nokia and others.
             In 1995, Finland, along with Sweden joined the European Union. Finland's way lead to the European Monetary Union (EMU), while Sweden chose to stay out of it. Finland made large budget cuts and became a part of the first wave to join the union in 2001. .
             In 1998 the Finnish export suffered, as the Asian recession started and the Russian economic difficulties scarred the newly established trade relationship.


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