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Spillovers in the Nordic Countries

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Spillovers in the Nordic Countries

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Regional political and economic developments exert different effects on the economies of the Nordic countries.

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The Nordic nations reverberate from economic tremors arising from the European Union and, to a lesser degree, Russia, and from falling energy prices. But these countries are not equally at risk, according to this complex analysis by International Monetary Fund economists Borislava Mircheva and Dirk Muir. While the report’s conclusions are unsurprising, getAbstract nonetheless recommends it to economists and analysts for its comprehensive scenarios.

Summary

The economies of Denmark, Finland, Norway and Sweden are small but interconnected with one another, the European Union and, to a lesser extent, Russia. Shocks from these powerhouses, as well as the impact of falling oil prices, affect the Nordics in different ways. Four modeled situations highlight each country’s susceptibility to spillovers:

  • “A decrease in aggregate demand in the euro area” – Ongoing recession in the euro zone would particularly hurt Denmark and Finland, with GDP in each country slumping by 2%. Because both nations are linked to the euro – Finland participates in the single currency, while the Danish krone follows the euro’s movements...

About the Authors

Borislava Mircheva and Dirk Muir are economists with the International Monetary Fund.

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