UDC 338.1

Nevskaya N.A.¹ (Moscow, Russian Federation) – nnevskaya@gmail.com

¹Institute of Europe of RAS

Abstract. The subject and purpose of this article are to analyze the macroeconomic trends and dynamics of some of the most significant macroeconomic indicators in the Nordic countries of the Baltic-Scandinavian region (BSR) of Europe. The goal is to examine the major macroeconomic issues of these Nordic countries, as well as the relationships between indicators and the prospects for GDP growth, economic growth, inflation, and unemployment. Methods and methodology. The paper employs the method of macroeconomic analysis to achieve these objectives. Results. The article examines the economic trends in the Scandinavian countries of the Baltic Sea Region (BSR) for the period 2018-2024, taking into account the forecast for 2024. A notable feature of economic development in Europe is stagnating economic growth. However, due to the significant influence of their position in the international division of labor, the Scandinavian countries exhibit diverse dynamics in macroeconomic indicators such as inflation, unemployment, and trade balance, which are similar to those of the Scandinavian welfare model’s economic policies. As European economic leaders, the wealthiest countries manage to maintain high social standards. The scope of this research includes economic trends and dynamics in the GDP, inflation, and unemployment rates in Denmark, Norway, Finland, and Sweden. These countries can serve as a basis for studying spatial and economic development patterns, as well as the development of public policy tools. Conclusions. The openness of the Nordic countries’ economies is a source of well-being, but it is also a vulnerable factor against the backdrop of geopolitical challenges and the growing sanction confrontation. Slow economic growth is closely linked to declining productivity and the need for upgrading the material base. The dynamics of macroeconomic indicators depend on a country’s position in the international division of labor and its openness to the global economy. The Scandinavian welfare model requires significant expenses and is most successful in richer nations.

Keywords: Denmark, Norway, Finland, Sweden, Baltic-Scandinavian region, EU, macroeconomic indicators, GDP, inflation, unemployment, economic growth.

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For citation: Nevskaya N.A. Macroeconomic dynamics in the North Europe countries of the Baltic-Scandinavian region: Denmark, Finland, Norway, Sweden. CITISE, 2024, no. 4, pp. 474-487.