The Nordic Economic Outlook 2020, an annual report on the economic development in the Nordic Countries in terms of growth, business cycles and public finance has been published by the Nordic Council of Ministers.
The content of the report is prepared jointly by the Nordic Group of Macro Analysts (Nordiska konjunkturgruppen) with experts from the Finance Ministries in the five Nordic countries.
All five countries are hard hit by the COVID-19 pandemic. Even though responses were different all the countries were hit by a severe shock during the first half of the year and they are all facing uncertainty in the short term. The Nordic countries have implemented extensive and targeted measures to mitigate the economic effects on the crisis. In the initial phase of the pandemic, fiscal policy focused on temporary measures to support badly affected businesses and households with the purpose of maintaining employment, securing household income and avoiding insolvency due to liquidity problems. These discretionary measures came on top of the already strong automatic stabilisers in the economies.