Finland

16 Aug Finland

Finland is a highly industrialized nation touted for its abundant forests, leading communications technologies sector and economic performance. The export-driven nation’s gross domestic product is one of the highest in the world, estimated at almost $50,000 in 2020. Finland is a frontrunner in circular economies. In this regard, the country proposed a national roadmap in 2016 that aims to protect resources and reduce waste along its value chains — the first of its kind in the world. The initiative aims to transform Finland’s economy into a circular one by 2035.

The country continues to push innovation, particularly from its start-up technology companies. Finland ranked second in Europe in 2020 in attracting foreign direct investment to its tech sectors, particularly in software development and online gaming. The latter segment has grown significantly in the last half decade and generated $1.6 billion in 2020. While rich in capital, the nation’s economy has seen strong fluctuations based on financial crises and EU sanctions with Russia.

Additionally, the Covid-19 pandemic had a crippling effect on Finland’s economy. Its gross domestic product shrunk by 2.9% in 2020 due to a contraction in private consumption. However, the economy is expected to rebound by 2.3% in 2021 and make a full recovery by 2023. With a return to normal, Finland is expected to continue its position as a world leader in sustainability and modernisation.