Minister: Economy won’t fully recover for six years, at least

Danes are going to have to adjust to the fact that the Danish economy won’t be normalised before 2019 at the earliest, more than ten years after the crisis started, reports Seven59.dk and Borsen.dk.

That was the stark message from Finance Minister Bjarne Corydon to the Danish parliament’s finance committee, Wednesday, in reply to questioning concerning the government’s evaluation of the Danish economy after agreement on widespread reforms and the stimulus package.

He predicted that the upswing will slowly get going by the end of this year and continue into 2014 but a full-scale recovery isn’t on the cards for at least another five-six years.

Could up-adjust growth

“The government has chosen a moderate estimate so nobody can accuse us of being over-optimistic,” he said.

“We believe that Denmark’s GDP will grow by an average of at least two per cent annually between 2014 and 2020, creating 150,000 jobs in the private sector. Unfortunately we have no control over international business cycles but if we hadn’t acted quickly with reforms and by sustaining the economy the upswing would have been delayed even more.”

The government will publish its latest economic outlook this upcoming Monday, and according to Mr Corydon Denmark’s growth could well be higher than the projected 0.7 per cent.

Read original article in Danish here.

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