So in Danmarks Nationalbank’s opinion the current low level of investment is to a large extent a natural cyclical phenomenon, not an indication of a structural investment crisis. In contrast, corporate savings are substantially higher than usual, also in a cyclical context. At some point, when confidence is restored, this could boost investment. The change could be swifter than expected.
On the other hand, there is also a risk that foreign growth falls below expectations, with negative implications for the Danish economy. Obviously, some sectors are struggling more than others, but that is unavoidable in a constantly changing world. Focus should be on creating attractive framework conditions for output in Denmark. Viewed in isolation, weak wage increases improved competitiveness in 2012.