ABSTRACT
This chapter provides an overview of the pre- and post-crisis economic performance of the Nordic countries and the Baltic States. It also provides an overview of some key economic indicators during the years leading up to the crisis from 2005 to when the crisis hit in the fall of 2008, and the following years, 2009 to 2016. The economic and financial crisis that hit in the fall of 2008 was a global crisis affecting every corner of the world. All the Nordic countries and the Baltic States faced negative growth rates in gross domestic product the following year, in 2009. The welfare systems in the Baltic States are less generous than in the Nordic countries, not only in absolute terms—as can be expected in countries with much lower per capita income levels—but also in relative terms, that is, a lower portion of their smaller per capita income goes to support their welfare systems.
