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A remote and cold country’s success story “It is a lottery prize to be born in Finland.” Coined in the 1970s, this saying gained currency during the 1980s when Finland experienced stable economic growth in a world troubled elsewhere by inflation, unemployment, exchange-rate volatility and chronic public deficits. After the revaluation of the markka in 1989, statistics showed that in terms of GDP per capita (uncorrected for differences in domestic price levels), Finland was among the leading countries in the world. A feeling of euphoria enveloped the business pages of our newspapers and journals. Finland had become the“Japan of the North.”

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