Nordic Economies Economic Forecast

Economic Snapshot for the Nordic Economies

December 22, 2020

The Nordic economy is set to recover in 2021 as improving consumer and capital spending, combined with continued fiscal stimulus, drive a rebound in domestic demand. While exports should benefit from a pickup in global trade levels, uncertainty regarding future demand for oil and the spate of reimposed lockdowns in Europe and the U.S. cloud the outlook markedly.

Nordic Economies Financial & Monetary Sector News

Inflation came in at 0.7% in October, unchanged from September’s reading. In 2021, regional inflation is forecast to pick up on higher consumer spending and improving labor markets, having fallen significantly this year. However, relatively low oil prices and uncertainty around the trajectory of the pandemic are likely to keep price pressures muted nonetheless.Central banks in the region maintained ultra-accommodative monetary policies over the past month, with Norges Bank holding rates at 0.00% at its 5 November meeting. Overall, regional monetary policy is projected to remain loose in 2021 as central banks seek to continue measures taken this year to bolster the economic recovery.

Central banks in the region maintained ultra-accommodative monetary policies over the past month, with Norges Bank holding rates at 0.00% at its 5 November meeting. Overall, regional monetary policy is projected to remain loose in 2021 as central banks seek to continue measures taken this year to bolster the economic recovery.

  

 

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