COPENHAGEN (Reuters) – Denmark’s financial system may develop as a lot as 3.4% this 12 months despite the unfavourable results of the conflict in Ukraine and file excessive inflation, the finance ministry mentioned on Thursday, a substantial upwards revision from its estimate from March.
“We came out of 2021 at an extremely high pace with a good starting point for continued growth,” Finance Minister Nicolai Wammen mentioned in a authorities report revealed on Thursday.
“Although we must expect a slowdown in the Danish economy during this year, the level of activity will continue to be high,” Wammen mentioned.
The forecast is an improve to an estimate launched by the ministry in March, wherein the financial system was anticipated to develop 1.6% in a medium threat state of affairs.
However, in a state of affairs the place the provision of Russian gasoline to Europe is reduce off, the ministry solely expects economic growth of two%.
For 2023, the federal government forecasts growth of 1.9%.
The ministry expects inflation to rise to five.2% this 12 months in its predominant state of affairs, up from its March forecast of 4.5%.
The Danish central financial institution mentioned in March it anticipated the financial system to develop 2.1% this 12 months.
(Reporting by Nikolaj Skydsgaard; Editing by Toby Chopra and Alison Williams)
Denmark hikes economic growth forecast despite conflict, inflation | The Mighty 790 KFGO & More Latest News Update
Denmark hikes economic growth forecast despite conflict, inflation | The Mighty 790 KFGO & More Live News
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