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OECD Reviews of Regulatory Reform: Finland 2003

A New Consensus for Change

image of OECD Reviews of Regulatory Reform: Finland 2003

Finland is one of many OECD countries to request a broad review by the OECD of its regulatory practices and reforms. This review presents an overall picture, set within a macro-economic context, of regulatory achievements and challenges including regulatory quality, competition policy, and market openness. It also assesses progress in the commercialisation of government services.

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Executive Summary

Finland’s economy has experienced important changes over the last twenty years. A banking crisis combined with the worldwide recession of the early 1990s and the collapse of trade with Russia accelerated major reforms to liberalise the economy. Though unemployment is high, the economy has grown strongly, productivity has improved and the economic structure has changed. The rise of the ICT sector in a country traditionally dominated by industrial goods and natural resources is perhaps the most defining characteristic of the new economy. Finland has other strengths. The financial sector is healthy and helps to underpin the economy. R&D policy is successful and expenditure is the second highest in the OECD as a percentage of GDP. Finland’s economy grew by 5% per annum between 1995 and 2000, one of the best performances in the OECD. The economy is now an above average performer....

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