Apple Inc. (AAPL) Led To the Downgrade of Finish Economy, Says Finland PM

Technology has changed the way people do things. Economies have grown and production has become more efficient over the years. While this is a reason to smile, Finland has nothing to smile about. And it isn’t because of one of its companies, but before of the world maker of premium gadgets, Apple Inc. (NASDAQ:AAPL).

No one suggested that other than Finland’s Prime Minister Alexander Stubb. The Nordic country has gone through wanton economic turbulence and has seen two of its major industries go down. And according to the PM, it’s because of Apple Inc. (NASDAQ:AAPL) products that have found their way into the country, killing Nokia and the country’s paper business.

The country has been a core producer and processor of paper products, led by two companies – UPM-Kymmene and Stora Enso. The two companies have since gone down on their knees due to the reduced use of paper for office work, meetings, and more. Instead, people are using smartphones and tablets to take notes and minutes.

“We have two champions which went down,” Stubb told CNBC. “A little bit paradoxically I guess one could say that the iPhone killed Nokia and the iPad killed the Finnish paper industry, but we’ll make a comeback.”

Ratings agency S&P recently downgraded Finland from its initial AAA to AA+.

Apple (AAPL)

Nokia, which was one of the biggest phone producers, was recently acquired by U.S. Microsoft Corporation after facing difficulties in the market due to competition from Apple Inc. (NASDAQ:AAPL) and Samsung gadgets.

Apple Inc. (NASDAQ:AAPL) is respected for the production of premium gadgets such as smartphones and tablets. Its products are sold across the globe and are giving products from several big companies a run for their money. They are expensive, but users still go for them due to their sleekness, ease of use, and performance.

Apple Inc. (NASDAQ:AAPL) recently released iPhone 6 and iPhone 6 Plus smartphones. The two smartphones registered record pre-order sales during the first 24 hours and the opening weekend.

This article has been written and edited by Victor Ochieng.

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