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Finland's response to the challenge of globalisation. Report by the Secretariat of the Economic Council - PART II

09/03/2007
Economy and Finance
The report examines the adjustment of the Finnish economy to globalisation, Finland?s economicstrategy and the need to re-assess the strategy. The first six chapters analyse the way in which theFinnish economy has been developing in recent years and the challenges that will result from thatdevelopment. The analysis focuses on key economic-adjustment phenomena, an assessment of thescale of offshoring of jobs, and the functioning of the labour market. It also discusses issues posingparticular challenges for Finland, i.e. the situation of an energy-intensive economy at a time of risingenergy prices, agriculture and the regional structure of a sparsely populated country. The analysis inChapters 1-6 is based largely on contributions by Finnish economic research institutes, which theSecretariat of the Economic Council has turned into a consistent whole.The last two chapters of the report deal with Finland?s economic strategy, the pressures for change itfaces as a result of globalisation, the way these pressures have been taken into account in recentyears and, lastly, the key aspects of Finland?s competitiveness strategy and the need to develop it.The conclusions drawn reflect the views of the Secretariat of the Economic Council.