👉Finland Economic Report : An Economy Centered around Nokia Finland used to be one of the European Union's most prosperous countries. That was during the heyday of the former mobile phone giant Nokia, before the global economic crisis.
Finland has stagnated in recent years.
Finland is an amazing country, but they made a series of blunders, which resulted in severe consequences. Joining Eurozone common currency has resulted in Finland no longer can devalue its currency to sell high-quality products; joining the so-called EU alliance is putting sanctions on Russia has produced more bads than goods to Finnish exports to Russia. Last but not least, the decision of Nokia not to enter in touch mobile business and to join an already failed OS i.e. Microsoft proved to be the last nail in their coffin. Nokia failed to innovate, to stay in business, and the whole business was swept away, leaving only remnants involved in networks behind.
In Finland, the state accounts for the bulk of the economy – it’s similar in share to France (if not slightly bigger). But as a country with a large mass and dispersed population, there aren’t too many options to reduce it further.
So the biggest issue is economic growth in the private sector, in particular, the lack of growth in Finnish exports. Partly this is due to the decline of the Phones business of Nokia and the surrounding ecosystem. But as an observation, many Finnish companies tend to be more oriented to domestic trading than international business. Exports as a share of GDP trails that of Sweden and Denmark.
This won’t be solved overnight.
This was The Atlantis Report.
So how has the decline of Nokia affected Finland?
Nokia, including its whole subcontractor chain, was an important employer, so the decline definitely had an effect on the unemployment rate and hit particularly hard in some areas in the country.
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