Sinnemäki elected Deputy Mayor of Helsinki

Sinnemäki elected Deputy Mayor of Helsinki

“It feels really good,” Emma Kari, the chairperson of the Gr...

Start-up of the week: Taxify

Start-up of the week: Taxify

Outside the doors of Slush's buzzing interior, a more subtle...

The Nordic region now and in the future

The Nordic region now and in the future

What is the future Nordic region going to look like? The Nor...

Russian Silicon Valley provides a favourable playground for foreign and Russian start-ups

Russian Silicon Valley provides a favourable playground for foreign and Russian start-ups

The state-sponsored Skolkovo Innovation Center boosts the in...

Finns are more content at work

Finns are more content at work

Finns' approach to work is largely positive despite the fact...

Immigrant now a dirty word in the UK

Immigrant now a dirty word in the UK

AS A FINN living in the UK, I am of course an immigrant. I h...

  • Most Read

Back to the future

FINLAND’S Finance Minister Jutta Urpilainen recently suggested our economy is in as bad a shape as it was during the 1990s depression. Is it as truly as bad as that?

COMPARING our situation now with the early 1990s is a tricky endeavour, simply because the economy has changed so much. But there are some interesting statistics we can use to draw comparisons. Urpilainen has one stat that reinforces her statement: the economy recovered quicker in the 1990s than it is doing now. Five years after the crisis had begun in 1990, GDP per capita had grown 6.9%. But five years after the Great Recession began in 2007, our GDP per capita has only grown 5.9%.

BUT other statistics show that this recession is not as bad as the last one. For instance, the five-year average inflation rate this time around is 2.3%, but it was slightly higher in the 1990s at 2.9%. When it comes to the number of people who have lost their jobs, there is no comparison. Unemployment peaked at 17% in 1994, while during the 2000s recession it only reached about 9%, not counting seasonal jumps.

A BIG difference between then and now is the source of the recession. In the 1990s, it was mostly a Nordic phenomenon, brought on by our own real estate bubble and banking crisis which was exacerbated by the fall of the Soviet Union as a trading partner. We had a very sharp fall, and then the economy strongly recovered, although it took many years to return to pre-crisis levels.

...

David J. Cord
This email address is being protected from spambots. You need JavaScript enabled to view it.

Only a fraction of the articles are available to public, please subscribe to be able to read whole article on the digital paper.

Please check our subscription periods and prices from here.

Read Helsinki Times with a subscriber code
Helsinki Times's digital paper has moved to our partner's website, LEHTILUUKKU.FI

Helsinki Times can be read with a subscriber code provided by the publisher or subscription office.

If you have received a subscriber code from the Helsinki Times, you may attach it to your Lehtiluukku user account to gain free access to Helsinki Times. The same subscriber code is valid for iPad and iPhone Helsinki Times' application.

Also the Android App is downloadable from Google play.

Helsinki Times Information

Editor-in-chief Alexis Kouros Tel: +358 9 689 67 425

Editorial team

James O’Sullivan, David Cord, Yannick Ilunga, Alicia Jensen, Merle Must, Andy Kruse, Eva Czechanowski, Anna-Maija Lappi, Annika Rautakoura, Mari Storpellinen, Aleksi Teivainen 

Email: info(a)helsinkitimes.fi

Web & Online subscription

Mahmoud Assiabi
webmaster(a)helsinkitimes.fi

 
Sales and marketing

Bob Graham
Aiman Kaddoura
Ethan Shadabi
Andre Roots

Email addresses are
Firstname(a)helsinkitimes.fi

Publisher
Helsinki Times Oy
Vilhonvuorenkatu 11 B
00500 Helsinki
Finland