Macroeconomic perspective of Finland's Economy.
ABOUT FINLAND The government does, however, exercise a monopoly or a major role in several sectors of Finland's economy, which is essentially based on private ownership and free entrepreneurship. Finland had not yet fully industrialized after World War II, and a sizable section of the population was still working in forestry, mining, and agriculture. Primary production gave way to industrial growth in the early postwar decades, which thereafter gave way to a service- and information-based economy. As the nation took advantage of its strong economic ties with both eastern and western Europe in the 1980s, the economy expanded quickly. However, Finland was in an economic slump at the start of the 1990s, which was caused by both the loss of its main trading partner with the fall of the Soviet Union in 1991 and a wider European economic downturn. Midway through the 1990s, as Finland proceeded to retool its industries and reorient its trade predominantly toward western Europe, the econ...