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Denmark’s corner of the global economy is shrinking

Denmark’s corner of the global economy is shrinking

According to new figures from the national confederation for industry, Dansk Industri (DI), Denmark’s share of the global economy has dwindled in recent decades.

The figures show that the Danish economy now accounts for 2.2 percent of the world economy, down from 4.5 percent in 1980.

“Denmark has gone from being a minnow to a microbe nation. While a number of other economies, particularly in Asia, have sprinted ahead, we are taking baby steps,” said DI head Kent Damsgaard.

“We’ll never be a super power, but by focusing on our companies’ situations we can ensure that Denmark remain competitive in 10 or 20 years. It’s down to making sure that there are enough employees so the companies have an opportunity to grow and develop.”

Damsgaard argued that the ‘catching-up’ of emerging markets means that Denmark’s share of the global economy won’t grow in the coming years, but will instead offer Danish companies new markets to explore.

Established and mature economies such as the EU and the US are in the same situation as Denmark. The EU’s share of the global economy has dwindled from 30 to 16 percent since 1980, while the US has dropped from 22 to 15 percent.

Meanwhile, China has grown significantly from 2.3 to 19 percent over the same period.

“Over the course of four decades, China has become the world’s largest economy. It’s an impressive story of growth and something that will impact the world, economically and politically, in future decades,” said Damsgaard.