Report | 2011

Nordic Globalization Barometer 2011

by Christian H.M. Ketels

Abstract

The Nordic Globalization Barometer 2011, the fourth in its series, builds on the methodology established in previous editions: The first part provides a short overview of the macroeconomic climate in the Nordic countries. The second part tracks the changes in economic performance, the ultimate way in which competitiveness translates into prosperity. The third part covers the main drivers of competitiveness. The fourth part covers indicators of a country's ability to project its competitiveness globally. The two final parts of the Barometer provide information on policy actions by the Nordic countries in the main dimensions of competitiveness and globalization readiness covered. The Barometer concludes with a number of summary remarks on the main findings and policy conclusions. The Nordic economies—small, open, and with robust macroeconomic and financial market regulation policies following their own financial crisis in the 1990s—have been fully exposed to the dramatic recent changes in the global economy. Their solid domestic policies enabled them to deal with the crisis much better than many of their OECD peers, with Iceland being a special case. But their dependence on foreign trade also exposed them to the full-blown shock of the trade collapse. In the short run, the fiscal imbalances created by the economic crisis are a dominant concern for a significant part of the region, Denmark and Finland in particular. In the longer run, all Nordic countries face the question of where they will stand when the centre of gravity in the global economy moves away from Europe.

Keywords: Economic Growth; Financial Crisis; Macroeconomics; Trade; Globalized Economies and Regions; Policy; Competitive Strategy; Scandinavia;

Citation:

Ketels, Christian H.M. "Nordic Globalization Barometer 2011." Report Series, Nordic Council of Ministers, Copenhagen, 2011.