Browsing by Author "ZHANG, Yichen"

Finland has gained significant recognition as a key participant in the worldwide economy, renowned for its technological innovations, elevated quality of life, and extensive social welfare infrastructure. To explain, this thesis paper will discuss the trajectory of the Finnish economy since the 1990s which was characterised by a sequence of obstacles and prospects. In 1990s, some external impact such as the collapse of the Soviet Union and the internal impact including the failure of bank system both influenced the Finnish economy, which resulted in the severe downturn, the rise of unemployment, and a significant drop in economic outcome. However, through a series of economic policies and structural reforms, the Finnish economy began to recover gradually after the autumn of 1993. Furthermore, the integration with the European Union further expanded market access and economic prospects. However, Finland faced new challenges during the 2008 global financial crisis, as a reliance on exports exposed it to decreased global demand. Contractions in exports and investments led to reduced economic growth, higher unemployment rates, and fiscal pressures. To mitigate these challenges, the Finnish government implemented measures to promote stability, growth, innovation, and entrepreneurship. Combined with the country's economic structure and skilled workforce, Finland gradually regained momentum. This study aims to analyze and compare the impacts of the 1990s economic crisis and the 2008 financial crisis on Finland's economy mostly based on literature review. Moreover, by examining key economic indicators and development trends, it seeks to unveil the resilience and adaptability of the Finnish economy in different crisis contexts.