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Bloomberg
Denmark stuck to its growth forecasts for 2019 and 2020, as the new government seeks to navigate the export-oriented economy through a global slowdown and rising trade tensions.
The Nordic country still expects gross domestic product to rise by 1.7 percent this year and 1.6 percent the next, according to documents seen by Bloomberg.
The Social Democratic government of Prime Minister Mette Frederiksen won the June elections by promising more welfare spending while keeping the nation’s public finances in balance. Latest GDP figures have pointed to an unexpected resilience by the Danish economy so far, but economists have warned that international developments will eventually catch up with the small Nordic economy.
“The Danish economy is fundamentally sound†Finance Minister Nicolai Wammen said in a statement in which he warned about the risks posed to the Danish economy by the trade war between the US and China and by the UK’s looming departure from the European Union.
“We can’t control these circumstances, which can throw the world economy off course and which would inevitably hit the Danish economy,†Wammen said.