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.
China and the cleantech supremacy: Implications for Europe
Two decades ago, China saw in the energy transition the opportunity to leapfrog into a new technology era. It delivered on a strategy to gain global leadership in clean technologies through highs and lows, boosted by large-scale state intervention. In today’s new geopolitical reality, this poses multiple challenges to Europe. We examine the scale of China's efforts, and explore what policies the EU could adopt in a scenario of increased trade assertiveness.
The Swedish employment rate is among the highest in Europe, yet unemployment is close to 9%, according to the Labour Force Survey. There are strong reasons to take a more nuanced view of unemployment and shift the focus to register-based measures.
Despite trade tensions and geopolitical turmoil, Danish exports have surged in recent years. Much of this growth stems from exports of goods produced outside Denmark’s borders.
In a world of political uncertainty, the Danish economy is well positioned to handle future challenges. The foundation lies in the labour market, where record-high employment helps ensure robust public finances.
Households have regained confidence, and conditions are in place for consumption to substantially increase. The export industry has weathered several global challenges, and the outlook is healthy. The unemployment rate is set to fall to 5%, according to the new BAS measure.
The global economic outlook has continued to be rather stable, despite geopolitical uncertainty. However, the level of uncertainty continues to be high, and the confidence among corporates and households is repeatedly tested.
Chief economist: Strong growth in the Nordic countries over the coming years
The global economy was characterised by a high degree of resilience in a tumultuous 2025, with the prospect of renewed growth in 2026. However, there are significant risks are associated with the unpredictable geopolitical situation.
The increase in household saving has kept private consumption subdued in recent years. We examine how alternative assumptions about the savings ratio in the forecast years will affect consumption, employment and economic growth.
Finnish economic outlook: Waiting for the turnaround
Finland’s economic growth has been slow to materialise. Weak consumer confidence and falling housing prices continue to hold back private consumption and construction investments. However, the fundamentals of the economy have improved, so the conditions for recovery are present. There are already signs of improvement in the manufacturing sector.
Movements in the NOK exchange rate are closely tied to structural net NOK transactions. After several years of persistent negative pressure, in which many market participants had an underlying need to sell NOK, we are now seeing signs of a shift in main flows, indicating a gradual strengthening of the NOK in 2026.
The Norwegian economy has picked up but has recently been slightly weaker than estimated. While many areas of the economy are doing well, others are more challenging.
The global economy proved to be more resilient to President Trump's aggressive trade policy than many feared. This provides the basis for a tempered – but real – optimism as we enter the new year.
