j. Current economic problems

Before coming to Finland, I was convinced that the economy of this country was very good. There was a high level of economic growth, etc. However, by doing research on the internet and talking to people, I learned that Finland is not doing that well. So I did some research to find out how Finland is trying to revive its growth.

Finland is the 7th producer of paper and cardboard in the world.

At the beginning of the school year, the government decided to remove 8-day holiday to officiers and reduce additional hours.

Finland is in recession since 2012, the country's growth was -1.3% in 2013 and - 0.1% in 2014.

Tuesday, September 8, Prime Minister Juha Sipilä, announced a series of measures to reduce labor costs by 5% by 2019.

Discharge officials will thirty days instead of thirty-eight, while two holidays will not be paid for all employees. Similarly, the first day of sick leave will not be compensated, and wage increases will be reduced by 50% for overtime, and 25% for Sunday.

There is a decline in the electronics industry, (mainly Nokia). In 2000, the company weighed 4% of GDP and 20% of exports. But today, it weighs less than 0.5% of GDP. Similarly, Finland has seen its forest industry collapse, particularly due to the fall in global demand for pulp. The factories have laid off more than 50 000 people in seven years. Today, unemployment is 9.7%.

The Nokia curve is steadily declining.

The country is also affected by the recession in Russia, its main trade partner, and by Western sanctions against Moscow.

There's also the accelerated aging of the population and labor costs (very high).

The Prime Minister wants to boost investment, growth and employment. For this, he wants to increase the legal limit of hours worked, extend the trial period of four to six months or facilitate redundancies. But the social partners have rejected the plan on 20 August (too complicated).