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The Northern European Union Video 2 Group 2 Catherine Joyce, Sarah Bianchini, Marc Epstein, Alexander Wortham & Tomislav Turkovic

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ECONOMIC ENVIRONMENT Second highest rate of PNB per capita in the world ($55,6000 USD in terms of purchasing power parity)   First place in the UN Development Program’s human development index Highly dependent on oil prices Challenge for government Maintain growth while reducing weaknesses resulting from the tax burden High levels of household debt Raised real estate prices Inflation is stable at around 2% Conservative government has prioritized infrastructure spending, measures to stimulate competitiveness, growth and production PER CAPITA INCOME / AVERAGE HOUSEHOLD INCOMES  Median per-capita income is $19,308 USD Median household income is $51,489 USD

Income inequality, Norway, 1980-2019
Euro €
150k
125k
100k
verage income or wealth
1990
2000
2 oos
2010
2015
Post-tax national income I Top 10% average incorne or-wealth I ADULTS EQI_AL
Post-tax national income I Bottom J average income or wealth I ADULTS EQUAL SPLIT
surveys and tax data
l.urveys and tax data

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GENERAL STATE OF THE ECONOMY  Norway’s business environment is considered very good Unemployment rate reached a high during the pandemic, but should revert to a its lower 2%-4% levels Government cushioned the pandemic recession via support measures worth NOK 166 billion (4.5% of total 2019 GDP)  Government’s net lending is offset with withdrawals from the sovereign wealth fund. The burden of the public debt will therefore remain moderate

Business Climate Rating
The business environment is very good. Corporate financial information is available and reliable. Debt collection
is efficient. Institutional quality is very good. Intercompany transactions run smoothly in environments rated A1.
A1
Very Low Risk
Acceptable Risk
Very High Risk

Norway: Unemployment rate from 1999 to 2020
5%
4%
3.2
3%
2.5%
4.38%
4%
4.68%
3.8%
4.0
3.74
00
3.52%
3.42%

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POTENTIAL ECONOMIC RISKS  The COVID-19 pandemic hit the Norwegian economy with a lockdown of several weeks  The Norwegian energy sector accounts for 17% of GDP, 19% of investments and 52% of exports. The demand for Norwegian oil and gas dropped off due to the pandemic, but increased as Europe reopened Private consumption picked up over the summer for goods, but also services, as most Norwegians spent their holidays at home due to closed borders Oil investments recovered quickly thanks to the partial rebound of the oil price and the government’s tax relief package for the industry Future Challenge: Oil and gas revenues are peaking and will soon deline

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FINANCIAL ENVIRONMENT OF THE COUNTRY  High-income economy, OECD member Fifth highest GDP per capita in the world Best index of quality of life in the world Economy very dependent on the revenue generated by petroleum exploitation CURRENCY  Norwegian Krone (NOK) EXCHANGE RATES WITH RESPECT TO USD Current exchange rate with the US is 1 NOK to every $0.12 USD Said another way, it would take 8.27 NOKs to equal $1 USD

NOK to USD Chart
Oct 2013
121-1
Jun 2014
ID
Feb 2015
Oct 2015
1M
Jun 2016
• 1 NOK = 0.120822 USD Jun g, 2021, 16:28 UTC
0.187296
0144671
0.0846709
Jun 2011
May 2012
Jan 2013
Feb 2017
Oct 2017
Jun 201B
Feb 2019
Oct 2019
Jun 2020
Jun 2021

Gross domestic product (GDP)
Show: Char_t
Table
Map
100k
60k
40k
Total, US dollars/capita, 2020 or latest available
Source: Aggregate National Accounts, SNA (or SNA 1993): GrMs domestic
"fullscreen
< share download My pinboard

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The domestic Norwegian market is small, but still an attractive base for business operations in the Nordic, Baltic, and/or Western Russian markets.  The overall economic and trade relationship is strong, and Norway’s import climate is generally open and receptive to US products and investments

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Free economy High taxes Government spending GDP per capita (USD) 51,413 $50,514 median household income $18,632 median per capita income $55,840 median annual income

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Sweden-Economic Environment-Covid-19 impact

Ecmorr« grou<h 'oeccast atter COVIO.19 outtyeak in Svaden in 2020 and 2Ü21
(cornwed k' NI 9)

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Currency: Krona(SEK) Exchange rate: 1 SEK = 0.12 USD

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Currency - Danish Krone GDP - $350.1B USD GDP per capita - $60,170.34 Government Debt - 33.2% of GDP

355.68
2018
2016
Dates
Actual
348.08
1960 - 2019
352.99
2014
355.68
360
340
320
300
2020
2012
Previous
355.68
SOURCE: TRADINGECONOMICS.COM WORLD BANK
Lowest
6.25
Unit
USD Billion
Frequency
Yearly
Current USD

100
023360H
ET HUNDREDE
KRONER
DANMARKS

1 Danish Krone equals
0.16 United States
Dollar
Jun 14, 9:12 PM UTC • Disclaimer
ID
0.25
0.20
0.15
0.1
50
2009
1M
5Y
1
0.16
Danish Krone
United States Dollar
2015
Max
2021

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60% of Danish land is used for agriculture. Produces enough food to feed 3x the population. Chemical, pharmaceutical, biotechnology, renewable energy industries account for employing 18% of population and 20.9% of the GDP.  Services industry accounts for 64.9% of the GDP and employs 80% of the population, which includes public administration, education, health, and social services.

Denmark major import sources (2018)
53.3%
17.6%
9.8%
7.1%
6.1%
• Germany
Sweden
• U.S.
• Netherlands
other
6.1%

+ Denmark
2019
ECONOMIC
COMPLEXITY
1.11
RANK 26 OF 157
2019
PRODUCT
EXPORTS I IMPORTS
$104B 1 98.9B
37 OF 2251 35 OF 225
2019
PER CAPITA PRODUCT
EXPORTS I IMPORTS
$18k I $17k
160F219 150F219
2017
SERVICE
EXPORTS I IMPORTS
| $58.68
22 OF 139 123 OF 139

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$48,933 USD is Finland’s Per Capita Income  The income of medium income earners increased by 1.5 percent  Median household income is about 38 thousand euros. Average household income size in Finland is 2.74 people Foreign trade is vital for Finland’s economy due to its relatively small domestic market Finland and its surrounding countries have some of the highest per capita incomes all over the world. International Trade is one third of its GDP!

Finland: Unemployment rate from 1999 to 2020
11%
10.47%
8.
8.25%
Addiional Informaton:
Word Bank
Bank
a Sialista 2021

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Some economic risks that Finland face are:	 Vulnerable to international economic conditions (which is a good majority of their GDP) Aging population GDP growth could be better, in 2019 the GDP growth rate was 1.1%  Finland has faced some struggle due to covid-19 because of the lack in trade. They are still doing better than many countries, and have only been affected slightly. More than half of the population felt that their financial situation has remained unchanged, and a quarter felt that it has improved.

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Finland uses the Euro The current exchange rate is: 1 Euro equals 1.22 USD Before the Euro, Finland had its own currency called the Finnish markka Finland is in very good shape financially They are historically competitive in manufacturing, with wood, metals, engineering, communications, and electronics

Euro dollar exchange rate to USD over the past few years

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https://www.ceicdata.com/en/indicator/sweden/exchange-rate-against-usd chrome-extension://oemmndcbldboiebfnladdacbdfmadadm/ https://www.riksbank.se/globalassets/media/rapporter/ekonomiska-kommentarer/engelska/2018/how-do-global-value-chains-impact-the-krona-exchange-rates-effect-on-exports.pdf https://www.focus-economics.com/countries/sweden https://santandertrade.com/en/portal/analyse-markets/sweden/economic-political-outline https://www.heritage.org/index/country/sweden https://www.britannica.com/place/Sweden/Daily-life-and-social-customs   https://nordregio.org/nordregio-magazine/issues/state-of-the-nordic-region-2020/sweden-inequality-in-sweden-grows-much-faster-than-in-the-nordics-overall/

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https://www.marsh.com/content/marsh/political-risk-map-d3/prm-2018.html# http://fita.org/countries/norway.html https://globaledge.msu.edu/countries/norway/risk https://www.trade.gov/knowledge-product/norway-market-challenges https://credendo.com/en/country-risk/norway https://www.xe.com/currencycharts/?from=NOK&to=USD&view=10Y https://www.britannica.com/place/Norway/Daily-life-and-social-customs https://worldpopulationreview.com/country-rankings/median-income-by-country https://wid.world/country/norway/ https://www.imf.org/en/News/Articles/2019/06/11/na061019-norways-strong-momentum-the-ideal-time-to-address-long-term-challenges https://www.statista.com/statistics/327313/unemployment-rate-in-norway/ https://data.oecd.org/gdp/gross-domestic-product-gdp.htm

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https://www.state.gov/reports/2020-investment-climate-statements/finland/ https://www.heritage.org/index/country/finland https://www.britannica.com/place/Finland/Economy https://globaledge.msu.edu/countries/finland/risk https://www.eulerhermes.com/en_global/economic-research/country-reports/Finland.html https://www.statista.com/statistics/328324/inflation-rate-in-finland/ https://www.helsinkitimes.fi/finland/finland-news/domestic/18829-financial-situation-of-the-majority-of-finns-remained-stable-during-the-first-year-of-covid-19-pandemic.html https://tradingeconomics.com/denmark/gdp https://www.nordeatrade.com/dk/explore-new-market/denmark/economical-context https://www.worldstopexports.com/denmarks-top-10-exports/ https://oec.world/en/profile/country/dnk