Economic outlook downgraded again

The government predicts the economy will take ten years to fully recover from the financial crisis

The economy minister, Margrethe Vestager (Radikale), revealed yesterday that the government's growth forecast was being scaled back once again, to 0.5 percent GDP growth in 2013.

This is the second time since December growth predictions have been downgraded. In December 2012, the government predicted 1.2 percent GDP growth for 2013, and just last month that figure was further scaled back to 0.7 percent.

The finance minister, Bjarne Corydon (Socialdemokraterne), said that he did not expect the economy to reach pre-recession levels until 2019, more than a decade after the economic downturn took hold.

“We estimate that the GDP will grow by an average of two percent annually from 2014 to 2020,” Corydon told financial daily Børsen.

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