Urenio Watch Watch: Knowledge Economy

Finland as a Knowledge Economy

Finland is a country that has successfully transformed itself into a knowledge economy in a short time. The Finnish experience of the 1990s represents one of the few examples of how knowledge can become the driving force of economic growth and transformation.

A study, entitled “Finland as a Knowledge Economy: Elements of Success and Lessons Learned”, explains how Finland has evolved quickly from a resource driven economy to a knowledge driven economy motivated by information and communication technologies.

The study has been a joint effort by the World Bank Institute, the Finnish Ministry of Trade and Industry and Ministry of Foreign Affairs, Finpro—Finnish National Agency for Corporate Internationalization, and ETLA—the Research Institute of the Finnish Economy.

“Although Finland has many characteristics that cannot easily be replicated by other countries, much of its experience in designing knowledge-based economic and social strategies is highly relevant”, says Frannie A. Léautier, Vice President of World Bank Institute. “A key lesson is the importance of flexibility in responding to change, and the critical role of a responsive education system. Finland’s experience also highlights the importance of developing a vision and a process for consensus-building. We hope that Finland’s example of turning a crisis into opportunity provides inspiration to other countries forging their own path in today’s global knowledge economy.”


Download the study