Finnish forest companies hit hard by recession 2009

May 29, 2010 by timbercommunity

The 500 largest Finnish companies were hit hard by the economic downturn last year. According to a statement frrom finish newspaper Talouselämä turnover declined more than during the depression in 1991. Among large companies that suffered heavy losses were several from the forest sector including Stora Enso and Metsäliitto.

While Finland was hit hard by the collapse in world trade, growth resumed during the second half of 2009, albeit at a slow pace (view diagram).  
 
The scapegoat in Finland for joining the Euro project is Paavo Lipponen. Prime Minister Lipponen was the one who made sure that Finland without referendum abstained from the Finnish Mark and joined the Monetary Union, EMU. Finland chosed the Euro to improve the competitiveness of the economy said Paavo Lipponen to Hufvudstadsbladet in an interview dated May 12 where he also criticized Sweden for not joininng the Euro project.
 
OECD PROJECTIONS 2010 AND 2010 FOR FINLAND