A European Study
Edited by Gillian Bristow and Adrian Healy
Chapter 8: The economic crisis in the Uusimaa region of Finland: a nonresilient region
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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