Nordic Economic Policy Review 2022: COVID-19 Effects on the Economy in the Nordics


Book Description

Available online: https://pub.norden.org/nord2022-001/ This issue of the Nordic Economic Policy Review surveys the economic repercussions of the COVID-19 pandemic and the health and economic policies introduced to minimise its impact in the Nordic countries. Although national policies were broadly similar, they also differed in many respects. Given that some enjoyed greater success than others, comparing different policies and their effects may yield valuable lessons for the future. The Nordic countries weathered the pandemic relatively well compared to most other high-income countries, both in terms of public health and economic repercussions. Infection and excess mortality rates were comparatively low in the Nordic Region, except in Sweden, where they relied more on recommendations and guidelines than mandatory measures to contain the spread of the virus. The fall in GDP was also comparatively small and short-lived in all the countries except Iceland, where tourism plays a more prominent role in the economy. Nordic Economic Policy Review (NEPR) aims to convey policy-relevant, up to date research on different economic issues. The review produces one issue per year, each time with a new topic and researchers. NEPR strives to make the latest economic research accessible to both decision-makers and a broader audience, as well as to contribute to Nordic knowledge exchange on economic policy issues and challenges.







COVID-19 POLICY RESPONSES AND GREEN RECOVERY IN THE NORDIC REGION


Book Description

Available online: https://pub.norden.org/temanord2022-527/ This report assesses the “green stimulus” relevance of the covid-19 stimulus measures in the Nordic region. By green stimulus we mean measures that can achieve economic stimulus while also reducing greenhouse gas emissions and enhancing environmental and natural resource quality.All Nordic countries have implemented comprehensive covid-19 stimulus packages, amounting to between 2000 euro per capita in Finland to 4400 euro per capita in Denmark. We identified that at least 6-21 percent of the measures suit the definition as green stimulus in terms of decreasing greenhouse gas emissions. A lower share, at least 2-13 percent, contribute to increase greenhouse gas emissions. The picture is almost the same for the environment. The remaining measures are either assessed as not having any significant impact on emissions or the environment.




Who is left behind? The impact of place on the possibility to follow Covid-19 restrictions


Book Description

Available online: https://pub.norden.org/nord2021-032/ While the Nordic countries have long been champions of equality, the Covid-19 pandemic has put a new light on societal structural injustices inherent in our societies. The pandemic thus reveals and reminds us about the serious effects of segregation and unequal societies, and necessitates a closer look at the potential injustice involved. This study aims to identify structural barriers involved in following recommendations from Public Health Authorities during the pandemic, especially in socio-economically vulnerable, low-income districts. Learning about these circumstances will help Nordic societies be better prepared for future challenges and crises




COVID-19 Nordic Responses


Book Description

The Nordic countries have adopted various tax policy measures in order to confront the current economic crisis caused by the downscale of their domestic economies. Despite their common characteristics (size, economic situation, institutional settings), the Nordic countries have adopted different strategies to limit the detrimental effects of the crisis, which this contribution describes and explains. Furthermore, this article compares the short term tax measures adopted in March and April 2020 in these countries and also analyses options for needed reforms to cope with future crises.




The Future of Work in the Nordic countries: Opportunities and Challenges for the Nordic Working Life Models


Book Description

Available online: https://pub.norden.org/temanord2021-520/ Major changes in technology, economic contexts, workforces and the institutions of work have ebbed and flowed since well before the first industrial revolution in the 18th century. However, many argue that the changes we are currently facing are different, and that the rise of digitalized production will entirely transform our ways and views of working. In this collaborative project, funded by the Nordic Council of Ministers, researchers from the five Nordic countries have studied how the ongoing transformations of production and labour markets associated with digitalization, demographic change and new forms of employment will influence the future of work in the Nordic countries.




Labor Market Effects of COVID-19 in Sweden and Its Neighbors


Book Description

This paper studies the labor market effects of non-pharmaceutical interventions (NPIs) to combat the COVID-19 pandemic. We focus on the Nordic countries which showed one of the highest variations in NPIs despite having similar community spread of COVID-19 at the onset of the pandemic: While Denmark, Finland and Norway imposed strict measures ('lockdowns'), Sweden decided for much lighter restrictions. Empirically, we use novel administrative data on weekly new unemployment and furlough spells from all 56 regions of the Nordic countries to compare the labor market outcomes of Sweden with the ones of its neighbors. Our evidence suggests that the labor markets of all countries were severely hit by the pandemic, although Sweden performed slightly better than its neighbors. Specifically, we find the worsening of the Swedish labor market to occur around 2 to 3 weeks later than in the other Nordic countries, and that its cumulative sum of new unemployment and furlough spells remained significantly lower during the time period of our study (up to week 21 of 2020).




Nordic Economic Outlook 2020: Annual report on the economic development in the Nordic countries in terms of growth, business cycles and public finance


Book Description

Available online: https://pub.norden.org/temanord2020-542/ Nordic Economic Outlook 2020 The Nordic Economic Outlook is an annual report on the economic development in the Nordic countries in terms of growth, business cycles and public finance. The report is produced by the Nordic Council of Ministers and the content is prepared jointly by the Nordic Group of Macro Analysts (Nordiska konjunkturgruppen) with experts from the Finance Ministries in the five Nordic countries. The group has operated under the Nordic Council of Ministers since 2004 and exchanges information on macroeconomic and structural developments on a continuous basis.




Nordic Economic Outlook 2021: Annual report on the economic development in the Nordic countries in terms of growth, business cycles and public finance


Book Description

Available online: https://pub.norden.org/temanord2021-550/ The Nordic Economic Outlook is an annual report on the economic development in the Nordic countries in terms of growth, business cycles and public finance.The report is produced by the Nordic Council of Ministers and the content is prepared jointly by the Nordic Group of Macro Analysts (Nordiska konjunkturgruppen) with experts from the Finance Ministries in the five Nordic countries. The group has operated under the Nordic Council of Ministers since 2004 and exchanges information on macroeconomic and structural developments on a continuous basis.




Exploring Domestic Tourism in the Nordics


Book Description

Available online: https://pub.norden.org/temanord2023-519/ Covid-19 pandemic was a shock to the tourism industry in the Nordic countries. Loss of international tourism – both inbound and outbound – due to the Covid-19 related restrictions forced tourism enterprises and development organisations to adapt their products and services to meet the needs of domestic travellers. This report examines the domestic tourism sector, its significance and future in the Nordic countries, autonomous areas and in selected border regions between the Nordic countries and investigates practical examples of measures taken during the crisis. According to the results, the pandemic served as an eye-opener to the significance of domestic tourism in the Nordic countries and autonomous areas and the future of domestic tourism is generally seen as positive. However, tourism sector developers must work together to realise the full potential of domestic tourism market.