Economic Outlook
Inflation is still too high, requiring further monetary policy tightening. The need for a rapid green and digital transition, coupled with sharply rising defence spending, will change global demand over the coming years, says Helge Pedersen, Nordea Group Chief Economist.
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Economic Outlook
Join us for the release of the Nordea Economic Outlook on 9 May. Sign up for the webinar with our chief economist for an inside look.
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Economic Outlook
2023 looks set to be yet another uncertain and challenging year. Although inflation seems to have peaked, it is still an open question how much further monetary policy tightening is needed to lower it substantially.
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Economic Outlook
How much will the pressure on the Norwegian economy affect wage growth and inflation going forward? That is one of the key questions Norges Bank needs to consider when setting interest rates. If labour shortages do not improve significantly ahead of this year’s pay talks, wage growth, and thus the interest rate peak, could exceed Norges Bank’s expectations.
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Economic Outlook
Weaker purchasing power will dampen consumer spending in Norway, and unemployment may rise from a very low level. But we think the Norwegian economy will fare better than many other countries, one reason being sharply higher activity in the petroleum sector.
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Economic Outlook
Global growth is weak at the moment. However, there are signs that 2023 could uncork positive surprises, as mild weather has eased the energy crisis in Europe and China is set to rebound after ending its zero-COVID policy. From the financial markets’ perspective, one of the key questions is how easily inflation will come down in 2023.
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Economic Outlook
Lower prices and stagnating turnover are dominating the Danish housing market. The decline is especially caused by rapidly rising interest rates, and it is expected to continue until 2024. However, the starting point is strong, and that is why the situation after the financial crisis will not likely be repeated.
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Economic Outlook
The outlook for the Swedish economy is worrying. After many years of debt build-up, the resultant vulnerability is now being tested and will contribute to a decline in the economy in 2023.
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Economic Outlook
Half of all wage earners will get new wage deals in early 2023. The unions’ wage claim is 4.4%, while employers’ bid is 2.0% and a one-off amount of SEK 3,000.
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Economic Outlook
The Danish economy is clearly positioned for a period with lower activity. However, there is a risk that the slowdown will be self-reinforcing – not least in the housing market where a significant correction of market prices is taking place.
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Economic Outlook
The Finnish economy is headed towards a mild recession this winter, but for the full year we forecast zero growth. Consumer purchasing power is constrained at the moment, but easing inflation and rising salaries will boost private consumption towards the end of the year.
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Economic Outlook
Public spending in Finland has increased so much that the government budget is in balance only when the economy is in an upswing and interest rates are at zero. Large-scale fiscal adjustments are needed to return public finances to a sustainable footing.
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