• Denmark: Recession over, but crisis continues
    - Economy set to grow in H2 09, but unemployment should keep rising
  • Sweden: Out of the frying pan - but not out of the woods
    - Hard hit by global downturn - we do not rule out further unconventional policy measures
  • Norway: Off the bottom
    - Weathers crisis quite well
  • Finland: End in sight for sharp contraction
    - Exports take a beating, but tentative signs of improvement
  • Global: Positive feedback loop
    - Global rebound could surprise on the upside