Finland is an especially attractive and competitive country for IT research and development, according to Swedbank’s report.
Finland is ranked first in the latest Baltic Sea Report which is Swedbank’s analysis of the economic conditions and structure of the countries around the Baltic Sea from a corporate perspective. According to the report, Finland’s biggest strengths are in education and governance, as well as the country’s innovation climate and infrastructure.
The report also states that access to a well-educated workforce, especially in IT technology, makes Finland an attractive and competitive country for IT research and development. Finland’s investments in research and development amount to 3.5% of GDP, which is among the highest in the EU.
The Baltic Sea Report Finland commends Finland for its public finances which are among the strongest in the European Monetary Union. According to the report, Finland has made progress in its tax policy during the last year, with simplified tax rules improving the country’s rating in Swedbank’s Baltic Sea Index.
Swedbank predicts GDP growth of 0.5% for Finland this year, followed by 1.2% next year and 2% in 2014 when the global economy gradually improves. The inflation rate is forecast to be 2.9% in 2012 and 2.6% in 2013.
The purpose of the Swedbank Baltic Sea Index is to compile and present information in a useful way for companies that are considering expanding abroad.