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Denmark’s economy in trouble but the finance minister feels that the storm can be weathered

Wednesday, 30 November 2011
Danish Finance Minister, Bjarne Corydon is now worried about the state of the Danish economy. He said that Danish economy is now in trouble after report today out today that growth in Denmark shrank in the third quarter by 0.8 percent.

However, today's growth figures from Statistics Denmark do not surprise the minister of Finance.
“It shows what we've said for a long time that it was wrong when it was claimed that Denmark was out of the crisis and entering a self-sustaining recovery,” he said.


Growth dwindled because Danes held back spending. Still, Bjarne Corydon is not proposing anything thing major that could start boosting growth immediately.
“I do not think that as a politician I can speak of a recovery underway. People make their own sensible decisions, and they can see that things are going badly in the European economy. It creates uncertainty. You can not blame them,” he said.

The Finance Minister hopes that the Government's KickStart and other growth route initiatives designed will bring Denmark out of the crisis. But he offers no guarantees:

“Kick start is a good step, but we can not guarantee to kick-start to ignite the economic faire. The situation may well prove to be more serious.”

The Minister of Finance points out that many Danes have a healthy domestic economy and will be able to invest, but it requires that they believe that there are brightening route in the future.
But Denmark which is a very small export machine counts greatly to the Euro-zone and other markets to help it push the economy on.

But the desire does not seem at the moment to be moving in the right direction, something economists are now feeling that Denmark is heading for another recession, which is the name used when a country has experienced negative growth for two quarters.

Bjarne Corydon is still positive that Denmark can beat the crisis.
“Denmark's history is full of examples to show that we have not only come through crises like this one, but that we have become a stronger community. It is in crises like this that we have taken the big step towards becoming so rich and harmonious society, which we are now. We can do this again, but it requires that we stand together to do it.”
By Team

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