📝 Nordic Countries Resilient to Economic Uncertainty: Nordea

The common denominator for the Nordic countries is their strong starting point before Russia's invasion of Ukraine, thanks to high personal savings, strong public finances and robust job creation, which have continued up to now. This gives the economies a buffer and some degree of resilience during this dramatic time in world history.

The Finnish economy fared well in the first half of 2022, but the outlook is deteriorating. High price growth and rising interest rates make these tough times for Norwegian households. The impact on consumer spending will be mitigated by lower savings and more people in paid work. The Swedish economy is weakening from a very strong position. Rate hikes and high inflation put a damper on the economy, and unemployment will rise. We expect a stabilization in 2024. - Nordea