Contents Editorial 5 Global and financial markets overview: Receding risks 6 The Nordics in brief 11 Denmark: Clipped wings 12 Denmark theme: Large revisions 15 Finland: Waiting for the turn 16 Finland theme: Monetary stimulus comes with a de- lay 19 Norway: Limited rate cut scope 20 Norway theme: Risk of continued wage pressure 23 Sweden: Regaining confidence 24 Sweden theme: Weak labour supply dampens growth 27 Key figures 28 Appendix 29 “ The global economy has gradually become more stable as uncertainty has diminished. ” Helge J. Pedersen Group Chief Economist Nordea 3 / 2025 / Nordea Economic Outlook / 03
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