This effort will entail addressing both short- and medium-term challenges in the economy to boost productivity growth and continuously developing long-term strategies and mechanisms to build new competitive advantages at global scale. Both are fundamental for maintaining the high level of well-being and living standards of the Finnish population in the future which are threatened by persistent economic weaknesses. This will involve w'ide societal consultation and the development of new forms of governance to tackle major transitions through which societies w'ill have to go in the coming years. It has enjoyed strong economic progress over the past decades, w'hich is reflected in high living standards and well-being.