02.09.2010

Positive outlook for Nordic economies

According to an economic survey commissioned by the Nordic financial services group Nordea outlook for the Nordic economy continues to be good despite the international recession.

The well-established public finance of the Nordic countries helped before the recession. The need for radical fiscal policy austerity is smaller in the Nordic countries than in most countries.

The Finnish economy recovers with varying tempo in the coming years. The economy will soon grow briskly compared to the previous year, at its best reaching up to 6 percent rate. Next summer the growth may plunge temporarily to around 2 percent, but on average the Finnish economy will grow nicely in the coming years, promises Economist Reijo Heiskanen at Nordea.

The Danish economy has returned back on growth track and the Swedish economy showed signs of recovery already by mid-2009. Despite the slow resurgence Norway’s economic growth will be accelerated by the forthcoming rise in oil prices.

The Finnish economy began to gain momentum already in the spring. Nordea’s economists have raised this year’s GDP growth forecast from previous 2,7 percent to 3,5 percent. Finland’s economic outlook for the rest of the year is favorable, although economic growth in 2011 is expected to slow down.

www.nordea.com


Source: Good News from Finland