Get the latest insights on the economy, industries and emerging trends that can help your business tackle the challenges it faces in today’s market. We share the learnings and perspectives of leading experts and innovators in the Nordics, both from Nordea and beyond.
Streaming across borders: How Spotify overcomes global currency hurdles
As Spotify has expanded its global reach to over 180 countries, it has faced complex financial challenges in emerging markets with strict currency regulations. Learn how the audio streaming company partners with Nordea to navigate these obstacles, from tax payments in Turkey to repatriating funds from Indonesia, ensuring smooth operations across borders.
Basel IV, a finalisation of Basel III, overhauls global banking capital requirements, impacting the lending landscape particularly in Europe and the Nordics.
Large public budget surpluses and a declining debt ratio put Denmark in a good position to navigate the economy through an uncertain period. However, unexpectedly high tax payments have meant that excess liquidity in the money market has been lower than normal for some time. Financial market turmoil has meanwhile led to a weakening of the DKK.
Nordea Chief Economist: Nordics resilient amid global uncertainty
The global economy is subject to great uncertainty owing to President Trump’s tariff war with the rest of the world. We do not expect a global recession in our baseline scenario, and we believe that Europe, and in particular the Nordic region, is well positioned to weather the storm.
Since the start of 2025, the performance of the SEK has been historically strong. The trade-weighted exchange rate has appreciated by 7% – the most since 1993.
The global landscape has been jolted, partly due to the global trade war. This also affects Sweden, causing households and businesses to hesitate. However, the impact on growth is expected to be limited. There are conditions in place that will help to continue last year’s gradual recovery of the Swedish economy. Inflation will likely decline next year, but a stronger economic climate should reduce the Riksbank’s need to ease monetary policy.
Households have been tested in recent years with higher inflation, interest rates and unemployment, as well as a stream of negative news from around the globe. However, now their fortunes have improved in many respects, as inflation and interest rates have fallen.
As a small, open economy Denmark is traditionally highly sensitive to global developments. So the trade war is definitely bad news for economic activity in Denmark. However, it comes at a time when the Danish economy is exceptionally well prepared to handle the wave of uncertainty flowing across its borders. This is mainly due to a substantial savings surplus, solid public finances and a flexible labour market. Combined, this makes Denmark well prepared to handle the new global trends.
President Trump’s policy actions have caused a lot of volatility in the financial markets and the economic outlook since our previous forecast. Uncertainty is high, and, given Trump’s tendency to cause chaos, this is expected to continue.
The cautious growth seen in the Finnish economy is at risk of hitting a tariff wall. Lower inflation and interest rates are boosting purchasing power, but increased uncertainty threatens to put private consumption and investment on hold for a little longer. Housing market activity has increased, but prices are not rising yet. The oversupply in the rental market is still discouraging new construction.
Norwegian economic outlook: Growth accelerates despite tariff war
Economic growth in Norway is picking up, driven by increased consumer spending and housing construction. The tariff war and the global situation will, on balance, have little impact on the Norwegian economy.
Housing investment has declined sharply in recent years, which continued towards end-2024, according to Statistics Norway. However, other indicators suggest housing construction has picked up. We question whether the official figures accurately reflect recent developments. Going forward, we expect increased housing investment will help boost economic growth in Norway.