Denmark Business Forecast Report Q1 2013 - New Market Report Now Available
Boston, MA -- (SBWIRE) -- 02/07/2013 -- Core Views
The periodic flare-up in sovereign debt stresses in the eurozone has left households and firms across Europe with frayed nerves. Although Denmark is not inside the eurozone, its close proximity to the epicentre of the crisis, coupled with deep financial and trade links that have been solidified by the pegged exchange rate regime, have left the economy significantly weakened.
Denmark has been singled out as a relative safe haven given the relatively more favourable public debt dynamics and the fixed currency regime which has offered euro area investors with an attractive currency hedge. As long as there are doubts about the irrevocability of the eurozone, Denmark will continue to attract capital inflows.
Major Forecast Changes
The Danish economy has struggled in light of the eurozone downturn, motivating a downward revision to our 2012 real GDP growth forecast to -0.1% from 0.5% previously.
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Risks To Outlook
The biggest risk to Denmark's medium-term macroeconomic trajectory stems from ongoing economic and financial developments within the eurozone. Denmark has sizeable trade and investment linkages with the common currency bloc, and a major deterioration in growth in the core countries could push Denmark back into recessionary territory this year.
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