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The slowdown in Finnish productivity growth: Causes and consequences

Author

Listed:
  • Sara Calligaris
  • Outi Jurvanen
  • Auri Lassi
  • Francesco Manaresi
  • Rudy Verlhac

Abstract

This report analyses the trends in Finnish productivity growth over the 2000s and 2010s. It describes its key features, makes comparisons to a benchmark of 16 OECD countries, and studies the causes of its sudden and prolonged slowdown which began at the end of the 2000s. The analysis focuses on the role of two contemporaneous demand shocks that hit the Finnish economy: the Nokia crisis and the Great Trade Collapse of 2009.Matching detailed firm-based information on structural characteristics of productivity growth with global input-output tables and National Accounts data, the report highlights how the prolonged drop in demand from the domestic computer and electronics sector may have induced a persistent drag on Finnish productivity growth. The report concludes with policy implications to strengthen Finnish resilience to idiosyncratic shocks to key sectors or large firms, while supporting long-term productivity growth and competitiveness.

Suggested Citation

  • Sara Calligaris & Outi Jurvanen & Auri Lassi & Francesco Manaresi & Rudy Verlhac, 2023. "The slowdown in Finnish productivity growth: Causes and consequences," OECD Science, Technology and Industry Policy Papers 139, OECD Publishing.
    • Handle: RePEc:oec:stiaac:139-en
    DOI: 10.1787/c1fad5b3-en
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    Keywords

    GVCs; productivity;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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