World Economy

Norway to Surpass Sweden

Norway to Surpass SwedenNorway to Surpass Sweden

Sweden’s economic prospects have dimmed in recent months and the country will likely be surpassed by Norway as the fastest-growing Scandinavian economy in 2019, a Reuters poll found on Tuesday. It would be the first time in more than half a decade Sweden failed to top the region’s growth league, although it was still set to expand at a slightly faster pace than Denmark, the final member of the northern European trio. “Norway is on its way up after a weak period, while Sweden is facing the opposite development. Following a period of strong growth, Sweden is looking weaker as its main export markets are losing steam,” he added. While Sweden is expected to expand 2.6% in 2018, its growth rate is forecast to drop to 2% next year, the lowest since 2013 and lagging the 2.2% seen for Norway, while Denmark at 1.9% will be a close third. As a major producer of oil and gas, the Norwegian economy slumped following the 2014 crash in energy prices, but has since picked up speed as the price of crude gradually recovered.

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