Much like the rest of the world, the Nordic market couldn’t escape the consequences of the coronavirus pandemic. However, the virus seemingly kept the Nordics in its periphery, while the rest of Europe felt the brunt of the impact. Average GDP across Norway, Sweden and Denmark in 2020 fell by roughly 3% (the wider EU GDP fell by 6.1%) with the biggest impact, unsurprisingly, on the tourism industry (Iceland, a nation heavily reliant on its tourism, saw a GDP drop of 6.6%). However, the predictions for 2021 show GDP growth across all three of the main Nordic countries, with 3.7%, 3.4% and 3% growth predicted respectively.
‘The Nordics have suffered less than many other European countries in the course of the pandemic,’ states Roschier’s managing partner Mikko Manner in Finland. ‘It has been forecast that during the second quarter of 2021, most restrictions will be eased due to vaccinations, and the Nordic economies will be able to start a swift recovery, with economic activity reaching pre-crisis levels later this year.’