of different dictatorial regimes, finland stuck to its democracy, looking to its scandinavian neighbours for models for social development. the continuity of national institutions was remarkable also during the second world war and its aftermath. in 1939 - 1944, finland lost two wars to the soviet union and had to make heavy territorial concessions in two peace treaties. however, helsinki was the only capital of a european belligerent country, apart from moscow and london, which was not occupied by a foreign army during the war. also, the finnish parliament continued to work uninterrupted throughout the war. despite of losing the war in the end, finland retained its independence, even though its room for manoeuvre in foreign policy was severely limited, especially in the years immediately after the war. the development of the finnish society in post - was decades was characterised above all by two challenges, the building of a modern, industrialized welfare state, and developing a modus vivendi with the powerful soviet neighbour. these policy goals were not independent. the building of a modern welfare state required economic growth, which had to be based on exports and integration with the other western market economies. however, the country could hardly risk getting into conflict with the communist superpower, which might, it was feared, put an end to finland's policy of economic integration with the west. finnish policy was a delicate balancing act, as if walking on a tightrope. in the end, however, finland was the only western neighbours of the soviet union to retain its democratic constitution, its multi - party democracy, the rule of law and a free market economy. these national institutions stayed intact. in a way, the miracles of the 1910 ’ s and the 1930 ’ s, the survival of the rule of law and democracy, were repeated in the late 1940 ’ s as finland managed to hold on to its democratic course, despite difficult circumstances. the value of this stability for economic development and growth cannot easily be overestimated. free trade and internationalisation another success factor for finland has been a proactive attitude towards the internationalisation of the economy. as a small country, with not very many natural resources, finland has always been dependent on foreign trade for its economic development and welfare. this fact is so obvious that it was understood quite early, and as a consequence the economic policy of the country has traditionally been export - oriented, and very eager to develop economic linkages with international markets, to the extent political realities have allowed. finland '

bank of botswana 2020 media economic briefing - welcome remarks by moses d pelaelo governor july 14, 2020 at 09 : 00 hrs good morning. distinguished, ladies and gentlemen of the media, once again, it is my pleasure, on behalf of the board, management and staff of the bank of botswana, to welcome you to this economic briefing marking the launch and dissemination of the 2019 bank of botswana annual report, in fulfilment of the bank ’ s accountability to its key stakeholders, in this instance, members of the fourth estate, media practitioners. i also want to take this opportunity to recognise and appreciate your continuing coverage of the bank ’ s events, including joining us this morning for this economic briefing, notwithstanding the covid - 19 pandemic constraints and related challenges. communication is increasingly becoming key in our policy “ tool - kit ”, being a means to meet public expectations of a transparent and accountable central bank as well as anchoring policy credibility. the bank continues to explore ways and means to increase channels for sharing information with the public, on various aspects of its operations. therefore, in addition to the revamping of the bank ’ s website in 2019, other platforms, such as social media, are under consideration. to recap, distinguished members of the media, the annual report is published in compliance with the bank of botswana act and, as a statutory requirement, contains a report on the bank ’ s operations and audited financial statements ; therefore, the annual report is the primary vehicle for accountability to the nation on the operations and financial performance of the bank. also, as a statutory requirement, the bank publishes a monthly statement of financial position in the government gazette and submits an annual banking supervision report to the minster of finance and economic development by june 30, each year. i am happy to confirm that these statutory requirements have been consistently adhered to throughout the existence of the bank. the economic briefing this morning has three parts. first, chief financial officer, mr daniel loeto, will provide highlights of the bank ’ s financial performance and operations in 2019 and updates, where relevant. second, it is a tradition that the annual report also includes a review of economic developments and outlook. the review provides an analytical context and explanations for economic developments and prospects, as well as background to policy conduct and operations by the bank. tshokologo alex this will be presented by dr kganetsano, director, research and financial stability department. dr kganetsano