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Denmark raises economic outlook for 2018 as tax cuts planned

Denmark raises economic outlook for 2018 as tax cuts planned

COPENHEGEN: Denmark raised its outlook for economic growth next year as the center right government plans tax cuts it says will help raise productivity. Gross domestic product will expand 1.9 percent in 2018, compared with a previous estimate of 1.8 percent, according to government documents seen by Bloomberg and due to be published on Monday. A forecast for 2 percent growth this year was kept.

The minority coalition of Prime Minister Lars Lokke Rasmussen is planning to push through tax cuts it says will encourage more people to join the workforce. The administration has yet to win the backing of the anti immigration Danish people’s party, on which it relies to stay in power. The group is trying to secure concessions designed to limit immigration in exchange for support for the tax bill.

Separately , the government said it will raise the borrowing need for next year. The krone-denominated requirement will rise to 127 billion kroner ($20 billion) from an August estimate of 120 billion kroner, the finance ministry said on Sunday. It cut its forecast for domestic borrowing this year to 86 billion kroner from 99 billion kroner.