{"id":20930,"date":"2024-06-21T16:21:13","date_gmt":"2024-06-21T15:21:13","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=20930"},"modified":"2024-06-21T16:21:13","modified_gmt":"2024-06-21T15:21:13","slug":"nordics-escape-budget-concerns","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/nordics-escape-budget-concerns\/","title":{"rendered":"Nordics escape budget concerns"},"content":{"rendered":"

Chart of the Week<\/h2>\n

France’s national debt is in the spotlight following the country\u2019s ratings downgrade to AA- by Standard & Poor’s on 31\u00a0May and the dissolution of the National Assembly on 9\u00a0June. The outcome of the snap election could be a new government with lavish plans for the economy. Since 10\u00a0June, the difference between French and German borrowing costs has increased and this rise in risk premia is spreading to other European states.<\/p>\n

The exceptions are the Nordic economies (Norway, Sweden, Finland and Denmark), where public finances are notably robust. Since the pandemic, Nordic countries have mostly returned to balanced budgets or, in Norway\u2019s case, a significant surplus.<\/p>\n

\"\"<\/p>\n

OUR <\/b>ANALYSIS<\/b><\/h3>\n

The Nordics have a particularly strong track record at managing their public finances. Norway reaps benefits from exporting its oil and gas, the price of which rose sharply in 2022. Although Denmark, Sweden and Finland lack this natural advantage, they are highly committed to controlling government debt. According to Eurostat 2023 data published on 22 April 2024, Sweden has a debt-to-GDP ratio of just 31.2% and Denmark 29.3%. While Finland, with a ratio of 75.8%, has more debt, it remains well below France\u2019s 110.6%.<\/p>\n

Sound and sustainable public finances create a favourable business climate in these countries, where companies stand out for their capacity to foster innovation. Since the start of 2024, Nordic equity markets have overcome the challenges of rising inflation and interest rates, recovering an ability to outperform other European markets.<\/p>\n

***<\/p>\n

Written on June 21, 2024. This is not an investment advice. Opinions subject to change.<\/p>\n

See also: https:\/\/latribune.lazardfreresgestion.fr\/en\/european-high-yield-a-buoyant-primary-market\/<\/a><\/p>\n

This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"

Chart of the Week France’s national debt is in the spotlight following the country\u2019s ratings downgrade to AA- by Standard… <\/p>\n","protected":false},"author":101016,"featured_media":20927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2677,2216,2052],"class_list":["post-20930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-european","tag-nordic","tag-public-deficit"],"yoast_head":"\nNordics escape budget concerns<\/title>\n<meta name=\"description\" content=\"France's national debt is in the spotlight following the country\u2019s ratings downgrade to AA- by Standard & Poor's on 31\u00a0May and the dissolution of the National Assembly on 9\u00a0June. 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