Nordic: Caution, not crisis

Danske Research Team Danske Bank A/S

Highlights

Fears of tariff-induced recession have not materialised, and we expect economies to cruise at more or less their structural growth rate over the coming year.

However, we have still not seen the full effect of the tariff increases and there is significant political uncertainty creating downside risk.

There is also potential for positive surprises, not least if consumers in Europe and China become less pessimistic and more willing to spend.

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Author

Danske Research Team

Danske Bank A/S

Research is part of Danske Bank Markets and operate as Danske Bank's research department. The department monitors financial markets and economic trends of relevance to Danske Bank Markets and its clients.

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