The global economy is experiencing the impact of an unprecedented economic downturn which began in the United States and spread all over the world. This paper provides an overview of the impact of the global crisis on the economy of Finland in 2008 and 2009. The course work analysis the macroeconomic effects of the crisis and certain indicators (gross domestic product (GDP), private consumption, unemployment, etc.)
Before Finland to be affected by the global economic crisis the economy of the country was on the path of sustainable growth. According to the analysts the worst phase of impact of the global crisis in Finland was in 2008 and it passed in the last quarter of 2009. However, the operating environment remains relatively unstable.
Tags: Current economic crisis, Global economic crisis, Effects of the economic crisis, Effects of recession, Global economic depression
[...] The monetary policy of Finland provides price stability and its main instruments are the key interest rates which affect the macroeconomic development. The objective of the Finnish government is the central finances to show a structural surplus. In order a prudent long-term expenditure policy to be ensured the government decided to pursue and develop a clear system of spending limits. The tax policy supports the goals of higher productivity as labor taxes were decreased. The government relies on structural reforms to increase employment. [...]
[...] (2009) The Impact of the Global Crisis on SME and Enterpreneurship Behavior :Romania and Finland Cases COUNCIL OPINION of 12 February 2008 on the updated stability programme of Finland, 2007-2011 (2008) Official Journal of the European Union issue 49 Economic Crisis in Europe : Causes, Consequences and Responses (2009) European Economy, is.7, European Communities Financial Stability Bulletin. Special issue (2009) Bank of Finland IDC European Quarterly Mobile Phone Tracker, November Invest in Finland (2005), The Finnish Mobile Cluster- Evolution that Led to a Revolution, Invest in Finland, Helsinki. [...]
[...] Figure No 1 : Gross domestic product of Finland and the Euro Area Source : National Statistics Finland, http://www.stat.fi/index_en.html Finland is highly industrialized country which has made enormous progress since the economic crisis from the 1990s when the USSR The decade before the crisis was marked by sustainable growth. Though, the global downturn worsened the conditions in 2008 when GDP slowed by 1 per cent and unemployment began to rise per cent for 2008). The exports constitute almost a half of the GDP of the country. [...]
[...] Case Study No 1 : Market Openness, Trade Liberalization and Innovation Capacity in the Finnish Telecom Equipment Market The Finnish Nokia Corporation is one of the leading companies in the telecommunication market not only in its country but worldwide. Nokia is well-known for its superior technology and innovations. The company is successful in many areas, including the highest ethical standards and the environmental legislation. The history of the company's success began in the 1990 when it decided to concentrate its activities in the sector of mobile phones. [...]
[...] The global crisis from 2008 and 2009 showed the importance of coordinated crisis management in the EU. There are three major areas which need to be emphasized: crisis prevention (governments need to prevent a repeat of the crisis), crisis control and mitigation (governments need to minimize the damages and to stabilize the financial system on the short-run) and crisis resolution (the effects of the crisis need to be annihilated on the long- run (European Economy, 2009). The crisis is affecting all EU countries and has highlighted long-standing imbalances and fragilities. [...]
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