In its latest quarterly macroeconomic report “Nordic Outlook,” Swedbank anticipates that the global economy will experience sluggish growth in 2023 and 2024, yet still achieve a relatively soft landing.
Inflation in the United States and the Eurozone is on a declining trend and is expected to approach targets by the end of 2024.
The report predicts that both the Federal Reserve and the European Central Bank have reached the peak of their policy interest rates and are expected to begin cutting rates from the second quarter of 2024.
Regarding Norway, the overall economic outlook remains stable. Economic activity remained positive in the first half of 2023, but the growth momentum notably decelerated. As we enter 2024, the growth trajectory is expected to weaken.
It is projected that Norway’s GDP growth rate will slow to 0.8% in 2023 and further decelerate to 0.5% in 2024. By 2025, a rebound in residential investment and private consumption will drive GDP to achieve a trend-like growth of 1.2%.
