Nordic Economies Economic Forecast

Economic Snapshot for the Nordic Economies

October 6, 2020

The Nordic economy is projected to contract this year for the first time since the Global Financial Crisis due to the coronavirus pandemic, with oil-producing Norway set to also be affected by depressed energy prices. Nevertheless, healthy fiscal and monetary stimulus across the region should soften the downturn.

Nordic Economies Financial & Monetary Sector News

Consumer prices increased 0.3% in May compared to the same month last year, after remaining broadly unchanged in April. May’s reading was due to a gradual recovery in demand and oil prices. This year, inflation will likely average much lower than last year due to the economic slump.

Regional central banks have maintained ultra-loose monetary policies over the past month, and sustained measures to ensure ample liquidity in domestic financial markets. Overall, regional monetary policy is projected to loosen this year compared to last as central banks look to support economic activity.

  

 

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