Synchronised recovery: Global growth is supporting the Nordics
In terms of the economic cycle, the world is entering 2017 in a rather upbeat mood. Indicators are pointing to higher growth in all major regions at the same time, which is unusual, and very good news for small, open economies such as the Nordics. This is one reason why we also expect to see a version of synchronised recovery among the Nordic countries.
There has been an unusual divergence in growth rates between them in recent years but in 2017, GDP growth ranges from 1.3% in Finland to 1.8% in Norway, according to our forecasts. With the exception of Sweden, we are also seeing moderately higher growth than in 2016. In Sweden’s case, the high 2016 growth rate mostly reflected developments in 2015.