Nordic economies in good health – Nordea’s Economic Outlook
published today


7 July 2012

In Nordea’s Economic Outlook out today, Nordea reiterates the forecast for global economic growth in 2012, while lowering the forecast for 2013. The report also shows that the Nordic economies remain strong compared to the rest of Europe.

The global economy is still expanding, but the growth picture has become more mixed in recent months. While the US economy is heading for a self-sustaining upswing, Europe seems to be sliding into a deep crisis.

- High growth rates are still only seen among the Emerging Markets, which at an early stage countered the signs of economic deceleration through monetary policy easing. We reiterate our forecast of global growth of 2.8 per cent this year, while the forecast for 2013 has been lowered to 3.2 per cent versus 3.4 per cent in March, says Helge J. Pedersen, Nordeas Global Chief Economist. Nordic economies – financial safe havens

Against the background of the escalating Euro-area debt crisis the Nordic countries have cemented their position as safe havens in the financial markets.

- As a result interest rates have moved to record lows and the currencies of the countries not participating in the euro have strengthened sharply. Especially the strong public finances of the Nordics have contributed to this situation, and Denmark, Norway and Sweden can moreover boast significant surpluses on their external balances, says Helge J. Pedersen, Nordea’s Global Chief Economist.

- With their relatively low unemployment and inflation rates the Nordic countries emerge as clear winners of the economic beauty contest with the Euro area. However, even the Nordic countries are facing challenges in terms of sustainable growth these years, he says.

Nordea, press release