DN: Nordic countries cope with economic crisis better than others

The crisis caused by the pandemic of coronavirus infection has hit many European economies. However, the differentiation of countries in terms of economic costs is very diverse. Thus, Spain's gross domestic product (GDP) fell by almost a quarter, while Finland's GDP by only 3%. In an article on August 14, Dagens Nyheter journalist Karl Johan von Seth spoke about why Northern Europe survived the pandemic and crisis better than the rest of Europe. After most countries provided preliminary data on their GDP losses for the first half of 2020, Europe is a fragmented mosaic. Spain has the highest mortality rate, von Seth emphasizes, but also the most catastrophic collapse in the economy. The fall in GDP from January to June of this year amounted to 23%. At the same time, Finland reported a drop in its GDP by enviable 3%. So far, the Nordic countries are doing well. Denmark and Sweden have worse performance than Finland, but in these countries, it seems, the fall will also not be the same as, for example, in Germany. Norwegian statistics, which are delayed, are also expected to show a decline in GDP. First of all, von Seth explains the less painful experience of the crisis in the Nordic countries by the softer measures of the northern governments regarding lockdown and closure of schools. Here, of course, Sweden stands out, which did not close for hard quarantine. Another reason is the structural features of the economy: if the hospitality sphere in Spain's GDP is 6%, then in the Nordic countries it does not exceed 2%. Thus, closed borders, restaurants and hotels did not hit the well-being of the northern countries so much.