*  *  *  1949s and 1950s After the Second World War the Finnish economy and society was in front of huge challenges: 10 % of the population had to be relocated from Karelia which we lost to Soviet Union. The war reparations paid to Soviet Union in 1945–1951 accounted for 2–6 % of the GDP annually.
In other areas, progress is already visible. The process of macroeconomic rebalancing through structural reform is well under way. The current account deficits of Greece, Spain, Portugal and Italy are shrinking, and Ireland is already in surplus. Even more importantly, adjustment is being accomplished not only by shrinking imports, but also by growing exports.