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"The simplistic answer is to blame the euro, which hardly helped the country deal with a series of shocks in recent years: the implosion of Nokia, Finland’s biggest employer; the collapse of the paper industry, reflecting the decline of newspapers and the bursting of the commodity bubble; the euro crisis and the European Union’s Russian sanctions regime, which hit Finland’s biggest export markets. The cumulative result is that Finland’s export market share has shrunk by a third since 2008, wiping out what was a large current-account surplus and accounting for much of the decline in growth.
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Finland’s economy today more closely resembles that of France than Sweden. Its public spending and tax revenues account for an eye-watering 59% and 56% of GDP respectively, higher even than France’s. Its labor market is one of the most rigid in the world, ranked 103rd out of 144 countries for labor flexibility in 2015 by the World Economic Forum. That explains why labor costs continued to soar even as the economy dived and productivity tanked; Finnish unit labor costs are now 20% higher than those of Germany. And thanks to Finland’s highly generous benefits system, the proportion of the working-age population that is economically active is five percentage points below that in Sweden—a serious problem for a country whose workforce is already shrinking as a result of having the worst demographic profile in the EU."

Trechos retirados de "Finland’s Problem Isn’t the Euro"