Balcerowicz's Plan
Encyclopedia
The Balcerowicz Plan also termed "Shock Therapy
," was a method for rapidly transitioning from a communist economy, based on state ownership and central planning, to a capitalist
market economy
. Named for its author, the Polish minister and economist Leszek Balcerowicz
, the plan was adopted in Poland
in 1989.
There was a temporary drop in output and growth was achieved by 1992. Similar reforms were made in a number of countries.
rate had reached 639.6% and was constantly rising. The majority of state-owned monopolies and holdings were largely ineffective and completely obsolete in terms of technology. Although there was practically no unemployment
in Poland, wages were low and the shortage economy
led to lack of even the most basic foodstuffs in the shops. After the failure of the Communist government in the elections of June 4, 1989, it became clear that the previous regime was no longer legitimate.
The unofficial talks at Magdalenka
and then the Polish Round Table talks of 1989 allowed for a peaceful transition of power to the democratically-elected government. Initially it was agreed that the government would be formed by Tadeusz Mazowiecki
and the opposition, while the seat of the president of Poland would be given to former PUWP leader Gen. Wojciech Jaruzelski
.
-backed Jeffrey Sachs
, Stanisław Gomułka, Stefan Kawalec and Wojciech Misiąg. The commission prepared a plan of extensive reforms that were to enable fast transformation of Poland's economy from obsolete and ineffective central planning to capitalism, as adopted by the states of Western Europe and America.
On October 6 the program was presented on public television and in December the Sejm
passed a packet of 11 acts, all of which were signed by the president on December 31, 1989. These were:
In late December the plan was approved by the International Monetary Fund
. The IMF's support was especially important because the national debt in various foreign banks and governments reached an amount of US$42.3 billion (64,8 % of GDP) in 1989. The IMF granted Poland with a stabilization fund of US$1 billion and an additional stand-by credit of US$720 million. Following this the World Bank
granted Poland additional credits for modernization of exports of Polish goods and food products. Many governments followed and paid off some of the former Communist debt (about 50% of the sum of debt capital and all cumulated interest rates to 2001).
was drastically limited, by circa 3% of GNP, by cutting down on state subsidies to coal, electricity and petroleum. Initially the social costs of the reforms were seen as extremely high, and roughly 1.1 million workers at state-owned firms lost their jobs. Although inflation seemed to be out of control, the Polish economy gradually started to get back on track. By 1992, more than 600,000 private companies had been set up, providing jobs for approximately 1.5 million people.
Most economists agree that without this shock therapy, which sacrificed short-term gains for long-term growth, modern Poland would be a much poorer country. For example, Poland's annual growth rate between 1989 and 2000 was the highest of all post-Communist economies .
, the leader of the Self-Defense (Samoobrona) party, to create the slogan: "Balcerowicz has to leave" (Balcerowicz musi odejść).
The wave of bankruptcies of inefficient state-owned industrial giants left approximately 20% of Poles unemployed. The change was especially drastic in rural areas of the country, which had previously been collectivized by the Communists into state-owned farms. However, critics often point out that the reforms of 1990 only showed the unemployment that had existed in a hidden form during Communist times.
Critics of Balcerowicz's Plan point to Russia
as a country that privatized its industry in a similar manner and quickly became crony capitalistic. Russia had the same economic advisor Jeffrey Sachs
as Balcerowicz, and their reform plans were analogous to Poland's. Recently Jeffrey Sachs has criticized his own advice as incorrect (The End of Poverty: Economic Possibilities for Our Time), which has subsequently renewed discussion over Balcerowicz's reforms. Many economists (for example Nobel Prize winner Joseph Stiglitz) argue that stopping the reform allowed Poland to avoid the same fate as Russia. However, some reports state Russia did not carry out shock reform in the same manner as Poland (Russia is not Poland, and That's Too Bad', Michael M. Weinstein, New York Times, p. 5, Aug. 30, 1998) Additionally, the reforms undertaken in countries such as Hungary
and the Czech Republic
, are considered to be better models for economic transition. Prominent Polish critics of Balcerowicz include Grzegorz Kolodko
, prof. Zdzisław Sadowski and Ryszard Bugaj
. However, some people point to countries that failed to reform quickly, such as Ukraine, Romania and Bulgaria, whose respective economies are in far worse condition than that of Poland. The transitional problems that Poland faces are blamed on high taxes, restrictive labor laws and a lack of economic freedom
that characterized the period between 1990-1993.
Years later, Balcerowicz admitted that he neglected to consider the element of human motivation in his calculations.
Dynamics of GDP (according to PPP
in USD) in selected countries - "GGDC"
Inflation at the end of year in selected countries
Dynamics of employes number in selected countries - "GGDC"
Unemployment rate in selected countries
Shock therapy (economics)
In economics, shock therapy refers to the sudden release of price and currency controls, withdrawal of state subsidies, and immediate trade liberalization within a country, usually also including large scale privatization of previously public owned assets....
," was a method for rapidly transitioning from a communist economy, based on state ownership and central planning, to a capitalist
Capitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...
market economy
Market economy
A market economy is an economy in which the prices of goods and services are determined in a free price system. This is often contrasted with a state-directed or planned economy. Market economies can range from hypothetically pure laissez-faire variants to an assortment of real-world mixed...
. Named for its author, the Polish minister and economist Leszek Balcerowicz
Leszek Balcerowicz
Leszek Balcerowicz is a Polish economist, the former chairman of the National Bank of Poland and Deputy Prime Minister in Tadeusz Mazowiecki's government...
, the plan was adopted in Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
in 1989.
There was a temporary drop in output and growth was achieved by 1992. Similar reforms were made in a number of countries.
Background
After 45 years of communist rule, Poland's economy was completely unsuited for integration into a capitalist world market. The inflationInflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
rate had reached 639.6% and was constantly rising. The majority of state-owned monopolies and holdings were largely ineffective and completely obsolete in terms of technology. Although there was practically no unemployment
Unemployment
Unemployment , as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks...
in Poland, wages were low and the shortage economy
Shortage economy
Shortage economy is a term coined by the Hungarian economist, János Kornai. He used this term to criticize the old centrally-planned economies of the communist states of the Eastern Bloc...
led to lack of even the most basic foodstuffs in the shops. After the failure of the Communist government in the elections of June 4, 1989, it became clear that the previous regime was no longer legitimate.
The unofficial talks at Magdalenka
Magdalenka
Magdalenka may refer to the following places:*Magdalenka, Kuyavian-Pomeranian Voivodeship *Magdalenka, Piotrków County in Łódź Voivodeship *Magdalenka, Gmina Będków in Łódź Voivodeship...
and then the Polish Round Table talks of 1989 allowed for a peaceful transition of power to the democratically-elected government. Initially it was agreed that the government would be formed by Tadeusz Mazowiecki
Tadeusz Mazowiecki
Tadeusz Mazowiecki is a Polish author, journalist, philanthropist and Christian-democratic politician, formerly one of the leaders of the Solidarity movement, and the first non-communist prime minister in Central and Eastern Europe after World War II.-Biography:Mazowiecki comes from a Polish...
and the opposition, while the seat of the president of Poland would be given to former PUWP leader Gen. Wojciech Jaruzelski
Wojciech Jaruzelski
Wojciech Witold Jaruzelski is a retired Polish military officer and Communist politician. He was the last Communist leader of Poland from 1981 to 1989, Prime Minister from 1981 to 1985 and the country's head of state from 1985 to 1990. He was also the last commander-in-chief of the Polish People's...
.
The plan
In September 1989 a commission of experts was formed under the presidency of Leszek Balcerowicz, Poland's leading economist, Minister of Finance and deputy Premier of Poland. Among the members of the commission were George SorosGeorge Soros
George Soros is a Hungarian-American business magnate, investor, philosopher, and philanthropist. He is the chairman of Soros Fund Management. Soros supports progressive-liberal causes...
-backed Jeffrey Sachs
Jeffrey Sachs
Jeffrey David Sachs is an American economist and Director of The Earth Institute at Columbia University. One of the youngest economics professors in the history of Harvard University, Sachs became known for his role as an adviser to Eastern European and developing country governments in the...
, Stanisław Gomułka, Stefan Kawalec and Wojciech Misiąg. The commission prepared a plan of extensive reforms that were to enable fast transformation of Poland's economy from obsolete and ineffective central planning to capitalism, as adopted by the states of Western Europe and America.
On October 6 the program was presented on public television and in December the Sejm
Sejm
The Sejm is the lower house of the Polish parliament. The Sejm is made up of 460 deputies, or Poseł in Polish . It is elected by universal ballot and is presided over by a speaker called the Marshal of the Sejm ....
passed a packet of 11 acts, all of which were signed by the president on December 31, 1989. These were:
- Act on Financial Economy Within State-owned Companies, which allowed for state-owned businesses to declare bankruptcy and ended the fiction by which companies were able to exist even if their effectiveness and accountability was close to none.
- Act on Banking Law, which forbade financing the state budget deficit by the national central bankCentral bankA central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
and forbade the issue of new currency. - Act on Credits, which abolished the preferential laws on credits for state-owned companies and tied interest rateInterest rateAn interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...
s to inflationInflationIn economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
. - Act on Taxation of Excessive Wage Rise, introducing the so-called popiwek taxPopiwekPopiwek was an extraordinary tax introduced in Poland in 1984. Although created by the communist authorities and initially hidden under the name of fee for the National Work Activization Fund, it is primarily associated with the Balcerowicz's Plan of 1989...
limiting the wage increase in state-owned companies in order to limit hyperinflationHyperinflationIn economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
. - Act on New Rules of Taxation, introducing common taxation for all companies and abolishing special taxes that could previously have been applied to private companies through means of administrative decision.
- Act on Economic Activity of Foreign Investors, allowing foreign companies and private people to invest in Poland and export their profits abroad.
- Act on Foreign Currencies, introducing internal exchangeability of the złoty and abolishing the state monopoly in international trade.
- Act on Customs Law, creating a uniform customs rate for all companies.
- Act on Employment, regulating the duties of unemployment agencies.
- Act on Special Circumstances Under Which a Worker Could be Laid Off, protecting the workers of state firms from being fired in large numbers and guaranteeing unemployment grants and severance pay.
In late December the plan was approved by the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
. The IMF's support was especially important because the national debt in various foreign banks and governments reached an amount of US$42.3 billion (64,8 % of GDP) in 1989. The IMF granted Poland with a stabilization fund of US$1 billion and an additional stand-by credit of US$720 million. Following this the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
granted Poland additional credits for modernization of exports of Polish goods and food products. Many governments followed and paid off some of the former Communist debt (about 50% of the sum of debt capital and all cumulated interest rates to 2001).
Positive
The packet of reforms passed by the parliament drastically limited the state's influence over the economy. The plan released price-fixing for many products, allowing them to be dictated by the market instead of the Central Statistical Office. Also the internal debtInternal debt
Internal debt is the part of the total debt in a country that is owed to lenders within the country. Internal debt's complement is external debt....
was drastically limited, by circa 3% of GNP, by cutting down on state subsidies to coal, electricity and petroleum. Initially the social costs of the reforms were seen as extremely high, and roughly 1.1 million workers at state-owned firms lost their jobs. Although inflation seemed to be out of control, the Polish economy gradually started to get back on track. By 1992, more than 600,000 private companies had been set up, providing jobs for approximately 1.5 million people.
Most economists agree that without this shock therapy, which sacrificed short-term gains for long-term growth, modern Poland would be a much poorer country. For example, Poland's annual growth rate between 1989 and 2000 was the highest of all post-Communist economies .
Criticism
Some populists were highly critical of the reforms, and Balcerowicz sustained many political attacks. The hardship caused by the Balcerowicz plan prompted Andrzej LepperAndrzej Lepper
Andrzej Zbigniew Lepper was a Polish politician who was the leader of Samoobrona RP political party....
, the leader of the Self-Defense (Samoobrona) party, to create the slogan: "Balcerowicz has to leave" (Balcerowicz musi odejść).
The wave of bankruptcies of inefficient state-owned industrial giants left approximately 20% of Poles unemployed. The change was especially drastic in rural areas of the country, which had previously been collectivized by the Communists into state-owned farms. However, critics often point out that the reforms of 1990 only showed the unemployment that had existed in a hidden form during Communist times.
Critics of Balcerowicz's Plan point to Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
as a country that privatized its industry in a similar manner and quickly became crony capitalistic. Russia had the same economic advisor Jeffrey Sachs
Jeffrey Sachs
Jeffrey David Sachs is an American economist and Director of The Earth Institute at Columbia University. One of the youngest economics professors in the history of Harvard University, Sachs became known for his role as an adviser to Eastern European and developing country governments in the...
as Balcerowicz, and their reform plans were analogous to Poland's. Recently Jeffrey Sachs has criticized his own advice as incorrect (The End of Poverty: Economic Possibilities for Our Time), which has subsequently renewed discussion over Balcerowicz's reforms. Many economists (for example Nobel Prize winner Joseph Stiglitz) argue that stopping the reform allowed Poland to avoid the same fate as Russia. However, some reports state Russia did not carry out shock reform in the same manner as Poland (Russia is not Poland, and That's Too Bad', Michael M. Weinstein, New York Times, p. 5, Aug. 30, 1998) Additionally, the reforms undertaken in countries such as Hungary
Hungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
and the Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
, are considered to be better models for economic transition. Prominent Polish critics of Balcerowicz include Grzegorz Kolodko
Grzegorz Kolodko
Grzegorz W. Kołodko - a key architect of Polish economic reforms, professor of economics, economist specializing in development economy, system reforms and public finances, currently heading a think-tank , Transformation, Integration and Globalizaction Economic Research, at Kozminski University.He...
, prof. Zdzisław Sadowski and Ryszard Bugaj
Ryszard Bugaj
Ryszard Bugaj is a Polish politician and economist, former leader of Unia Pracy and former advisor to the then president of Poland, Lech Kaczyński.-References:...
. However, some people point to countries that failed to reform quickly, such as Ukraine, Romania and Bulgaria, whose respective economies are in far worse condition than that of Poland. The transitional problems that Poland faces are blamed on high taxes, restrictive labor laws and a lack of economic freedom
Economic freedom
Economic freedom is a term used in economic and policy debates. As with freedom generally, there are various definitions, but no universally accepted concept of economic freedom...
that characterized the period between 1990-1993.
Years later, Balcerowicz admitted that he neglected to consider the element of human motivation in his calculations.
Dynamics of GDP (according to PPP
Purchasing power parity
In economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
in USD) in selected countries - "GGDC"
| Year | Poland Poland Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north... |
Hungary Hungary Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The... |
Czech Republic Czech Republic The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest.... |
Russia Russia Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects... |
Ukraine Ukraine Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia... |
Belarus Belarus Belarus , officially the Republic of Belarus, is a landlocked country in Eastern Europe, bordered clockwise by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital is Minsk; other major cities include Brest, Grodno , Gomel ,... |
Finland Finland Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside... |
|---|---|---|---|---|---|---|---|
| 1990 | -9,68% | -6,67% | -1,20% | -3,00% | -3,60% | -1,90% | +0,01% |
| 1991 | -7,02% | -11,90% | -11,61% | -5,00% | -8,70% | -1,40% | -6,39% |
| 1992 | +2,51% | -3,06% | -0,51% | -14,50% | -9,90% | -9,60% | -3,81% |
| 1993 | +3,74% | -0,58% | +0,06% | -8,70% | -14,20% | -7,60% | -1,24% |
| 1994 | +5,29% | +2,95% | +2,22% | -12,70% | -22,90% | -11,70% | +3,94% |
| 1995 | +6,95% | +1,49% | +5,94% | -4,10% | -12,20% | -10,40% | +3,45% |
| 1996 | +6,00% | +1,32% | +4,16% | -3,60% | -10,00% | +2,80% | +3,79% |
| 1990-96 | +6,61% | -16,11% | -1,94% | -41,94% | -58,55% | -34,29% | -0,75% |
Inflation at the end of year in selected countries
| Year | Poland Poland Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north... |
Czech Republic Czech Republic The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest.... |
Slovakia Slovakia The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south... |
Hungary Hungary Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The... |
Bulgaria Bulgaria Bulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east... |
Romania Romania Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea... |
|---|---|---|---|---|---|---|
| 1989 | 640,0% | 1,5% | 1,5% | 18,9% | 10,0% | 0,6% |
| 1990 | 249,0% | 18,4% | 18,4% | 33,4% | 72,5% | 37,6% |
| 1991 | 60,4% | 52,0% | 58,3% | 32,2% | 339,0% | 222,8% |
| 1992 | 44,3% | 12,7% | 9,2% | 21,6% | 79,0% | 199,2% |
| 1993 | 37,6% | 18,2% | 24,8% | 21,1% | 64,0% | 295,5% |
Dynamics of employes number in selected countries - "GGDC"
| Period | Poland Poland Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north... |
Hungary Hungary Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The... |
Czech Republic Czech Republic The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest.... |
Russia Russia Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects... |
Ukraine Ukraine Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia... |
Belarus Belarus Belarus , officially the Republic of Belarus, is a landlocked country in Eastern Europe, bordered clockwise by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital is Minsk; other major cities include Brest, Grodno , Gomel ,... |
Finland Finland Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside... |
|---|---|---|---|---|---|---|---|
| 1990-96 | -15,3% | -26,2% | -10,2% | -12,3% | - 8,4% | -16,1% | -16,4% |
Unemployment rate in selected countries
| Year | Poland Poland Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north... |
Hungary Hungary Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The... |
Czech Republic Czech Republic The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest.... |
Slovakia Slovakia The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south... |
Bulgaria Bulgaria Bulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east... |
Finland Finland Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside... |
|---|---|---|---|---|---|---|
| 1991 | 12,2% | 6,1% | 3,8% | 9,6% | 8,5% | 6,6% |
| 1992 | 14,3% | 11,8% | 2,6% | 10,6% | 14,3% | 11,7% |
| 1993 | 16,4% | 12,9% | 3,2% | 13,9% | 15,7% | 16,3% |
| 1994 | 16,0% | 10,9% | 3,2% | 14,5% | 13,4% | 16,6% |
| 1995 | 14,9% | 10,9% | 3,1% | 14,8% | 14,1% | 15,4% |