- The economy is currently facing a comprehensive number of challenges including rapid inflation, soaring commodity prices, especially for food and energy, interest rate rises, continued war in Ukraine, Covid-19, and supply chain disruptions, said Mihkel Nestor, Chief Economist at SEB Estonia, as he commented on the bank’s May 2022 Nordic Outlook at SCCE’s Wednesday 18 May Business Lunch.

- However, business confidence in the industrial sector remains high and exports are booming, though mostly in prices.

- On the construction and real estate markets, construction prices are skyrocketing and there are now more moderate plans to build.

- Consumers have still enough money to consume, but not to save anymore, concluded Mihkel Nestor.

The coming spring and summer issue of focus – the magazine of the Swedish Chamber of Commerce in Estonia, will include a summary of SEB’s May 2022 Nordic Outlook.

On behalf of the SCCE, I would like to thank Mihkel Nestor for yet another very interesting and contemporary presentation on the economy.

Sincerely,

Kristiina Brodén – SCCE Ombudsman