Making trade work for all – The Danish case
A new study estimates that increased international trade has raised Danish GDP by 16 pct. since 1992, which equals €12.000 per household. In the same time period employment and wages has risen, unemployment has fallen, while income inequality has remained low. This is a clear indication that Denmark has managed to make the gains from international trade benefit society at large.
A study prepared by Copenhagen Economics for the Danish Ministry of Business, Industry and Financial Affairs on the impact of international trade on the Danish economy and labour market was launched today at a conference in Brussels co-organized with the think tank Bruegel.
The study shows that international trade is very important to the Danish economy and prosperity. Danish exports of goods and services total more than €150 bn. and 47 pct. percent of private sector employment is sustained by exports.
The study also shows that the rapid expansion of international trade that has taken place since 1992 has gone hand in hand with increased GDP, increased employment and reduced levels of unemployment, while income inequality in Denmark remains low in an international context.
Minister of Business, Industry and Growth Brian Mikkelsen:
“Danish prosperity is based on international trade both with our EU partners in the single market and with third countries. The Danish case shows that it is possible to reap the economic benefits of international trade in a way that contributes to the well-being of the many and not just the few. The new study focuses on Denmark but I believe many of the results are comparable with the experience in other EU countries.
This underscores that we must continue to work together in the EU to protect and promote international rule based trade.”
The study has been prepared by Copenhagen Economics and can be accessed in an English version here. Copenhagen Economics has also prepared a more detailed version of the study in Danish that is available here.
You can find the english version of the report here
Press contact: Jesper Christiansen, , +45 9133 7017