👉Denmark Economic Report -- A Developed Economy Based on Agriculture and Services. The Economic system in Denmark is The same as the rest of the western world, a mix of Capitalism and Socialism. The difference between Denmark and the USA is what the proportion is. In the USA, it's more Capitalistic than in Denmark, and in Denmark, it's more Socialistic than in the USA, but Capitalism is still the default system.
Denmark’s economy is based mostly on human, not natural resources (though they do have some oil and gas production in the North Sea).
Their principal exports are industrial and manufactured goods (mostly machinery and technical instrumentation, some chemical production - especially medical and pharmaceutical agents, and consumer durable goods like furniture), agricultural goods (mostly dairy and meats, also fish, and some grain). They are a net exporter of goods.
Denmark is also well known for its logistics, shipping, and energy industries. They are a net exporter of energy as well.
Their economy also benefits from a strong commitment to consensus-based labor policy. That is to say, employers, unions, and the government have a commitment to cooperation and a common understanding of the needs and goals of each party. While there are still issues, they are handled in a manner that causes minimal impact on the economic output of the country.
As a country, they also have social services that encourage retraining, allowing agility of the workforce; proactive and preventative health practice, national healthcare (which reduces the cost-burden of healthcare); and strong environmental policy — namely they have a very strong tendency to address issues before they become more serious problems that are costlier to resolve.
It’s not perfect, but the economy is very sound, given the small size of the country.
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Denmark is over 50% dependent on export for its GDP. Being able to trade has made the Danes able to remain in the rich nation's category. So protectionism is very bad for Denmark. Its domestic market is just too tiny to soak up global crisis trends leading to reduced export. When the world reduces consumption and production, Denmark does the same.
This cyclic up and down movement of the economy wreaks havoc on many smaller economies. Denmark uses its welfare state policies, and the cooperation between unions and employer organizations to reduce the effects of this cyclic economic reality. Most of the time, it is a temporary short term global slow down. When the world is in crisis, and people in foreign nations struggle to make ends meet, this is what happens in Denmark. Unions and employer organizations strike deals that allow workers to get extra education and job training instead of getting fired. If they do get fired, there is a promise of two years rather high unemployment benefits. These mitigating circumstances mean the foreclosure rates in Denmark are higher in global crisis periods, but low compared to many other nations.
Danish economy grows each year at a pace that would embarrass many developing nations. So how did it become so relatively wealthy? It did it by not getting a lot poorer in the recession like some,for example , (Greece, Argentina, Venezuela ; lots of other nations taking 25% economic cuts or more in a single year). Instead, it just took a minor step down and then returned to growth.
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