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Sun, 17 May, 2015 12:03:53 AM FTimes – STT Report, May 17  Minister of Economic Affairs Jan Vapaavuori.File Photo – Str / Lehtikuva. Finland must look to the 90s for solutions, if the economy is to improve, Minister of Economic Affairs Jan Vapaavuori said.
Talking to YLE Ykkösaamu (morning breakfast) programme, Vapaavuori said that Finland cannot rise on savings alone, and must invest in research and development to maintain a capacity for innovation.
Vapaavuori also pointed out that in the 90s, the capital gains tax was increased to help Finland rise from the recession. Other factors that played a significant role in Finland's recovery were the ascension to the EU, as well as Nokia's success story, Vapaavuori said.
"The same elements that aided Finland's impressive recovery will work again," Vapaavuori said.
At the same time, though, according to Vapaavuori, the government must maintain a stable economy and overcome the sustainability gap.
According to Vapaavuori, the Finnish economy needs a "lifestyle change," which means consolidation of public finances in addition to improving cost-competitiveness and the regeneration of the business community.
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