Growth Leap of Finland and its Businesses: Innovation and Finance Justify Rational Optimism

Mika Maliranta and Petri Rouvinen

No 282 in ETLA B from The Research Institute of the Finnish Economy

Abstract: Abstract In this book, we examine the roles of innovation and finance in the growth of the Finnish economy and its businesses. By analyzing growth drivers in Chapter 3 through the Schumpeterian framework established in Chapter 2, we arrive at a conclusion regarding Finland’s future that is both optimistic and, in our view, rational: “beneath the surface”, a rise of innovative companies has long been underway, with business dynamics that are in many respects comparable even to those of the United States. Our findings underscore the vital importance of expertise – particularly in STEM fields – intangible investments, intense competition, and both mobility and collaboration within the labor market. We advocate for placing business finance and – specifically, engaged ownership – at the heart of the country’s social policy. Finland’s financial system should transition gradually from a bank-centric and partially public-led model toward one that prioritizes equity financing and private actors.

Date: Written 2026-02-06
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