FINNISH ECONOMY AMID THE CRISIS PHENOMENA 2021–2023

Abstract

This article is devoted to the analysis of the development of the economic situation in Finland in the context of the crisis phenomena of recent years. Their main source was the increase in world energy prices. Then the crisis worsened due to the consequences of Russia launching a special military operation on the territory of Ukraine. For Finland, this led to the emergence of additional crisis phenomena. In particular, for political reasons, economic cooperation with our country has been reduced to almost zero. Particularly sensitive was the rejection of Russian oil and gas in favor of Norwegian and American, the price of which was much higher. This factor, combined with the build-up of public debt during the tenure of Prime Minister Sanna Marin, has led to a chain reaction in the Finnish economy, which risks turning into a full-fledged crisis for it. The new Premier Minister Petteri Orpo does not have much time and resources left to prevent this scenario.

Keywords

• finland
• russia
• economy
• economic crisis
• energy crisis