Finland's economy recovered only moderately from the 2008 global crash, and is in trouble again today.
With Nokia's rise during 1990s, Finland rapidly recovered from deep recession and become one of the foremost knowledge economies in the world, said a report published by ETLA in March.
During Nokia's prime years 1998-2007, the company contributed a quarter of the growth of the Finnish economy. It created nearly a fifth of Finland's exports and paid as much as 23% of all Finnish corporation tax revenue.
However, its descent since 2008 has devastated Finland's economy. Nearly one-third of the over 8% drop in the Finnish GDP in 2009 was attributable to Nokia, and now the company's share of contribution in Finland's GDP has fallen to virtually zero, said the report.