The recovery post Covid-19 will be slowed by the past loss of competitiveness

AA1

LOW RISK for entreprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD271.23bn (World ranking 41, World Bank 2020)
Population 5.53mn (World ranking 115, World Bank 2020)
Form of state Republic
Head of government Sanna Marin (Prime Minister)
Next elections 2023, legislative
  • Strong business environment
  • High R&D spending
  • Low fiscal deficit
  • Contained public debt
  • Improving competitiveness
  • High-skilled workforce
  • Robust welfare state
  • Exposure to Russia still high
  • Rapidly deteriorating current account balance
  • High private debt, notably linked to the housing loans
  • High labor costs
  • Weak demographics

Trade structure by destination/origin

(% of total, 2020)

Exports Rank Imports
Germany 13.5%
1
15.4% Germany
Sweden 10.4%
2
11.0% Sweden
United States of America 8.3%
3
9.7% Russian Federation
Netherlands 6.5%
4
9.0% China
China 5.2%
5
4.6% Netherlands

Trade structure by product

(% of total, 2020)

Exports Rank Imports
Paper and paper manufactures 10.0%
1
9.0% Road vehicles
Specialised machinery 8.0%
2
8.3% Petroleum, petroleum products and related materials
Petroleum, petroleum products and related materials 6.5%
3
6.5% Electrical machinery, apparatus and appliances, n.e.s.
Road vehicles 6.4%
4
5.0% Other industrial machinery and parts
Electrical machinery, apparatus and appliances, n.e.s. 5.5%
5
4.7% Metalliferous ores and metal scrap
The payment behavior of domestic companies is excellent with payments taking place in 25 days on average, and the EU framework provides reliable tools when it comes to late payment.​

  • Low

  • Medium

  • Sensitive

  • High

  • Payments

  • Court proceedings

  • Insolvency proceedings

  • Payments

  • Court proceedings

  • Insolvency proceedings

Legal action for undisputed debt is usually resolved quickly (between 3 to 6 months), however, when the debtor’s assets are difficult to locate, or the debt is disputed, it can become time consuming.

Although insolvency law aims at rescuing companies facing financial difficulties in order to increase repayment possibilities, most reconstruction procedures spread over years (or fail) thus leaving the creditors with no or very few dividends, while liquidation procedures leave very low recovery chances to unsecured creditors.

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