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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Denmark: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Denmark
International Monetary Fund. European Dept.
The 2024 Article IV Consultation highlights that The Danish economy has continued to expand at a robust pace, driven by an exceptional surge in the pharmaceutical. In contrast, the rest of the economy has remained relatively subdued, aside from the maritime and information and communication technology industries, reflecting sluggish demand. Meanwhile, with a decline in global energy prices and lacklustre domestic demand, inflationary pressures have largely dissipated in recent months. The policy priority is to manage fiscal policy in a manner consistent with near-term cyclical conditions while taking account of long-term spending pressures without risking fiscal sustainability. Other priorities include ensuring financial stability and pursuing structural reforms to lift potential growth and achieve climate goals. The financial system remains sound, but risks remain. Continued reform efforts are necessary to boost labor supply and enhance productivity, aiming to sustain the welfare state. Reform priorities include enhancing work incentives, addressing skill mismatches by accepting more foreign talent, modernizing active labor market policies, and enhancing education outcomes for children with immigrant backgrounds. Further actions are necessary to achieve climate mitigation targets and prepare for climate change.
Keywords:
CPI data; staff appraisal; staff expectation; fluctuation band; currency of Denmark; Labor markets; Securities; Loans; Fiscal stance; Global
Cover IMF Staff Country Reports
Denmark: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper discusses the macroeconomic impact of the pharmaceutical sector. The analysis focuses on Novo Nordisk, the leading pharmaceutical company in Denmark, and its productivity impact on the rest of the economy. Empirical evidence suggests only weak correlations between productivity shocks at Novo Nordisk and overall economic growth, as well as between Novo Nordisk’s productivity and that of other firms. The findings suggest there is limited risk that Denmark’s booming pharmaceutical company would become its “Nokia.” Although the pharmaceutical sector will be a key driver of growth, most of its production occurs overseas under Danish ownership. As a result, its linkages with the rest of the domestic economy, in terms of employment and supply chains, are somewhat limited. The empirical results also indicate limited spillover effects through productivity channels. However, the empirical results may underestimate the influence of Novo Nordisk due to limited data.
Keywords:
mitigating factor; productivity shock; E. policy option; Policy consideration; shocks to Novo Nordisk; energy firm; covered bond bond market; Nonbank financial institutions; Labor productivity; Covered bonds; Systemic risk assessment; Productivity; Global
Cover IMF Staff Country Reports
Euro Area Policies: 2024 Annual Consultation-Press Release; Staff Report; and Statement by the Executive Director for Member Countries
International Monetary Fund. European Dept.
The 2024 Article IV Consultation explains that the euro area is recovering gradually, with a modest acceleration of growth projected for 2024, gathering further speed in 2025. Increasing real wages together with some drawdown of household savings are contributing to consumption, while the projected easing of financing conditions is supporting a recovery in investment. A modest pickup in growth is projected for 2024, strengthening further in 2025. This primarily reflects expected stronger consumption on the back of rising real wages and higher investment supported by easing financing conditions. Inflation is projected to return to target in the second half of 2025. The economy is confronting important new challenges, layered on existing ones. Beyond returning inflation to target and ensuring credible fiscal consolidation in high-debt countries, the euro area must urgently focus on enhancing innovation and productivity. Higher growth is essential for creating policy space to tackle the fiscal challenges of aging, the green transition, energy security, and defense.
Keywords:
EU institution; EU industrial; headline inflation; EU climate; two-sided inflation risk; Inflation; Labor markets; Fiscal consolidation; Europe; Global