COVID-19 economic effects
Change over previous quarter (data from post # 888 links)
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FINLAND -0.5 -6.1 4.5 0.5 0.0 ?
NORWAY -1.5 -4.6 4.3 0.8 -0.6 ?
SWEDEN -0.9 -7.8 7 .4 0.0 0.8 0.9
Florin repeats in post #893: "No data for Q2-2021 for Finland and Norway"
Something happened in, or prior to, Q3-20 that precipitated large percentage gains for all three countries. The trajectories after that point indicate that Finland (0.5, 0.0, ?) and Norway (0.8, -0.6, ?) were on downward trends, while Sweden (0.0, 0.8, 0.9) was on an upward trend. If the trend had actually continued for Finland and Norway then they would not have reached pre-pandemic economic levels by Q2-21.
Since, according to Bloomberg, Sweden had reached pre-pandemic economic levels by the time of the article, May 28, 2021 (essentially the end of Q1-21), and, given the trajectory of the above data, Sweden will remain (Q2-21 +0.1 change from previous quarter, 0.8, Q1-21) at least at pre-pandemic economic levels. Finland and Norway will not, according to the trends.
If Finland and Norway defy their trends and show gains in Q2-21 it still might not mean that they have reached pre-pandemic economic levels. Because, the ansatz is unknown from the data in the links.
My first reference in post #891 predicts that Norway "will not surpass pre-pandemic levels until the end of 2021". The current trajectory for Norway suggests that that optimistic prediction is problematical. Daniel Cooper implicitly suggests (post #892) that Norway's oil sales will have a positive effect on its recovery as the world transitions back to a more normal (hopefully) economy.
For Finland (post #891): "However, the negative impact of the pandemic will linger somewhat longer in the services sector, especially in some heavily affected industries such as travel services, food and accommodation services, and arts and entertainment.".
"Before the pandemic, travel and tourism accounted for 10% of global GDP and a similar share of jobs. The industry's economic contribution was cut in half last year, with 62 million jobs lost, according to the World Travel and Tourism Council.".
"While vacationers in Europe and the United States are itching to return to the skies, the surge in coronavirus cases linked to the Delta variant has prompted many governments to keep travel restrictions and testing requirements in place. That's keeping many would-be travelers at home and heaping more pain on an industry that's crucial to the pandemic recovery."
The extent to which Finland adheres to its COVID-19 travel, lockdown, and masking mandates will likely affect its economic recovery.
Conclusion, using data, and logic: Sweden is back to at least pre-pandemic economic levels, Finland and Norway are not.
Edited by Advocatus Diaboli, 10 August 2021 - 07:49 PM.