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Finland rapidly industrialized after World War II, achieving GDP per capita levels comparable to that of Japan or the UK at the beginning of the 1970s. Initially, most of the economic development was based on two broad groups of export-led industries, the "metal industry" (metalliteollisuus) and "forest industry" (metsäteollisuus). The "metal industry" includes shipbuilding, metalworking, the automotive industry, engineered products such as motors and electronics, and production of metals and alloys including steel, copper and chromium. Many of the world's biggest cruise ships, including MS Freedom of the Seas and the Oasis of the Seas have been built in Finnish shipyards.[174] [175] The "forest industry" includes forestry, timber, pulp and paper, and is often considered a logical development based on Finland's extensive forest resources, as 73% of the area is covered by forest. In the pulp and paper industry, many major companies are based in Finland; Ahlstrom-Munksjö, Metsä Board, and UPM are all Finnish forest-based companies with revenues exceeding €1 billion. However, in recent decades, the Finnish economy has diversified, with companies expanding into fields such as electronics (Nokia), metrology (Vaisala), petroleum (Neste), and video games (Rovio Entertainment), and is no longer dominated by the two sectors of metal and forest industry. Likewise, the structure has changed, with the service sector growing. Despite this, production for export is still more prominent tha
in Western Europe, thus making Finland possibly more vulnerable to global economic trends.
In 2017, the Finnish economy was estimated to consist of approximately 2.7% agriculture, 28.2% manufacturing, and 69.1% services.[176] In 2019, the per-capita income of Finland was estimated to be $48,869. In 2020, Finland was ranked 20th on the ease of doing business index, among 190 jurisdictions.
Finnish politicians have often emulated the Nordic model.[177] Nordics have been free-trading for over a century. The level of protection in commodity trade has been low, except for agricultural products.[177] Finland is ranked 16th in the 2008 global Index of Economic Freedom and ninth in Europe.[178] According to the OECD, only four EU-15 countries have less regulated product markets and only one has less regulated financial markets.[177] The 2007 IMD World Competitiveness Yearbook ranked Finland 17th most competitive.[179] The World Economic Forum 2008 index ranked Finland the sixth most competitive.[180]
The legal system is clear and business bureaucracy less than most countries.[178] Property rights are well protected and contractual agreements are strictly honoured.[178] Finland is rated the least corrupt country in the world in the Corruption Perceptions Index[181] and 13th in the Ease of doing business index.[182]
In Finland, collective labour agreements are universally valid. These are drafted every few years for each profession and seniority level, with only a few jobs outside the system. The agreement becomes universally enforceable provided that more than 50% of the employees support it, in practice by being a member of a relevant trade union. The unionization rate is high (70%), especially in the middle class (AKAVA, mostly for university-educated professionals: 80%).[177]
In 2017, tourism in Finland grossed approximately €15.0 billion. Of this, €4.6 billion (30%) came from foreign tourism.[184] In 2017, there were 15.2 million overnight stays of domestic tourists and 6.7 million overnight stays of foreign tourists.[185] Tourism contributes roughly 2.7% to Finland's GDP.[186]