Denmark, Finland, Norway, and Sweden form a tightly integrated region which has strong ties with the euro area as well as some exposure to Russia. Using the IMF’s Global Integrated Monetary and Fiscal model (GIMF), we examine spillovers the region could face, focusing on possible scenarios...

The Norwegian economy grew steadily in 2014 despite the sharp fall in oil prices. Nevertheless, the near term outlook has weakened, and the medium and longer term present challenges related to shifting away from a growth model dependent on oil- and gas-related demand