Denmark, Norway and Sweden face among their worst economic downturns on record this year due to the COVID-19 pandemic, but will largely recover the lost ground in 2021, according to a Reuters poll of economists.
) have been hamstrung by the pandemic, which closed businesses and disrupted global supply chains.
Governments and central banks have pumped money into their economies in a bid to fight the crippling effect of the pandemic. Norway cut its key interest rate to a record low in May, while Sweden’s Riksbank has vastly expanded bond-buying schemes and kept its key rate at zero. Sweden is predicted to grow 3.9% next year, Norway 4.0% and Denmark 3.8%, although job growth looks slow, with the forecasts showing only minor falls in unemployment between 2020 and 2021.
However he warned predictions for 2021 were “surrounded by great uncertainty”, with variables including how other parts of the world fared and whether there was a second wave of coronavirus infections in the coming winter.
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