Earlier quoted context omitted.
Finland has been a very poor country after WW II until the 1970s (compared to Sweden who had no war or Germany who lost the war). An economy best compared to Portugal or Greece. The was a first overheating boom in the end of the 1980s, until a heavy recession took over in the 1990s. The next boom was Nokia driven in the 2000s until the global banking crisis. Since Nokia has fallen (well, it still exists but with a di…
This is basically it, with the addition that Finland is no lomger in control of its own money. From the war up until adopting the Euro, Finland would devalue its currency a little over once a decade to keep commodity exports going. The EMU is a mechanism effectively set up to extract wealth from the european periphery, for the benefit of Germany (and maybe to a lesser extent Framce). Finland is very much on the losin…
True. When Finland dropped 2 digits from its currency in the 60s the Finnish Mark and the German Mark where roughly 1:1. When the Euro was introduced 40 years later the exchange rate was 3:1. So 200% inflation over the years more than Germany which was far from stable either. So Finland was a high inflation country all the time.
I don't think high inflation countries are known for good economy. Finland for example had massive emigration. I don't think by having continued the high inflation route after 2000 the situation would be significantly brighter today.