Follow the economy across the Nordic countries and economic changes worldwide.
Economic Outlook
Nordea's Chief Economist: Europe to become a growth driver
The modest growth that has long characterised the global economy continues. But much indicates that growth will increasingly be driven by Europe. There are prospects of rate cuts in most countries, but the persistently high inflation requires very careful timing and dosage of monetary policy easing.
The Finnish economy has underperformed the rest of the eurozone over the past two years. Private consumption has gone down in Finland, as higher interest rates have hit households hard. However, most of the gap to the rest of the eurozone is due to the sharp decrease in residential construction in Finland.
We saw the first positive signs for the Finnish economy in the first half of the year. The gradual recovery in consumer purchasing power and lower interest rates are expected to send the Finnish economy back on a growth track.
Stay ahead: Join the Nordea Economic Outlook webinar
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EU fiscal challenges: Key takeaways from leading economists
Two renowned economists - Niels Thygesen, Chairman of the European Fiscal Board, and Lars Rohde, former Chairman of the Board of Governors of Danmarks Nationalbank - shared their views with investors and issuers at Nordea's annual Nordic AAA Seminar.
Norwegian economic activity will pick up going forward, and unemployment will stay at a low level. Inflation will gradually decrease, but it will take years before it reaches the 2% target.
The global growth momentum has improved slightly since the beginning of this year thanks to China’s increased fiscal stimulus and declining inflation numbers in many western economies.
Nordea chief economist: Soft landing likely, but risks remain
The global economy has had a decent start to 2024, and a soft landing seems more likely. But strong labour markets place heavy demands on the calibration of monetary policy, and the neutral rate is probably higher than previously assumed. The new geopolitical reality still poses a high risk to the outlook for growth and inflation.
Population shift: Implications for Sweden's economy
Last year, Sweden saw the lowest population growth in more than 20 years. Much suggests that population growth will remain subdued in the coming years. This will impact the need for new homes, other investments as well as the labour market.
Swedish economic outlook: Searching for equilibrium
After several turbulent years the pieces of the puzzle are gradually falling into place for the Swedish economy. Households’ consumption pattern normalises, export companies’ production will balance with demand and inflation will stabilise at low levels.
How many rate cuts will we get over the next two to three years? Forecasts vary more than usual, mainly because of varying estimates of the normal interest rate. We expect fewer rate cuts and a higher normal interest rate than most.
We are living in an age of historic demographic changes. Changes that place great demands on innovation and reform in Western countries if prosperity is to be maintained, but also changes that lay the foundation for a completely new world order, writes Nordea Group Chief Economist Helge Pedersen.