Economic Crisis and the Resilience of Regions
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Economic Crisis and the Resilience of Regions

A European Study

Edited by Gillian Bristow and Adrian Healy

The economic crisis of 2008-9 heralded the most severe economic downturn in the history of the European Union. Yet not all regions experienced economic decline and rates of recovery have varied greatly. This has raised new questions about what factors influence the economic resilience of regions. This book presents the results of an Applied Research Project conducted within the ESPON 2013 Programme and provides a detailed analysis of what made some European regions more resilient to the crisis than others.
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Chapter 8: The economic crisis in the Uusimaa region of Finland: a nonresilient region

Veiko Sepp

Abstract

This chapter explores the impact of the 2008_09 economic crisis on the Uusimaa region of Finland. It finds that whilst the region’s economy fared slightly better than Finland as a whole, the economic effects were significant, and it has undoubtedly struggled to recover. The crisis exposed the region’s high dependence upon Nokia which was advantageous when the company was leading the mobile phone market but a hindrance when its competitiveness declined. The higher proportion of public sector employment in Uusimaa provided some ballast in the face of this decline but not enough to prevent considerable output and employment decline. Whilst the strong welfare support system and long-term collective wage agreements have helped soften the impact of the crisis on incomes and wages by helping maintain domestic demand, they carry the risk of limiting the adaptability of businesses and workers in relation to structural change.

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