Denmark is a beautiful Nordic country and located in Northern Europe. Copenhagen is its national capital. In the cross-national studies of happiness, the country has been ranked as the happiest country in the world where the national language is Danish. The People of Denmark live a quality lifestyle, and in a democratic regime enjoy the unlimited benefits of most developed sectors like education, medical, protection of civil liberties, transparent government, affluence, and individual growth & development.
The Danish government is proud to announce that it has one of the world’s highest social mobility, income equality even as it enjoys the highest per capital income. Majority of the nationals believe in Christianity although the nation’s constitution guarantees freedom of religion.
Denmark Economy is diverse and mixed. In terms of Gross Domestic Product (GDP), the country ranks 32nd in the world, and as per IMF, it has the world’s highest minimum wage. The country also enjoys the status of owning the highest credit rating globally.
The Danish country is a member of many international organizations, such as OECD, EU and WTO, and from time to time it has made sincere efforts to remove the barriers to free trade. In Europe, only Denmark has the most free labor market. It means employers can hire and fire at their own convenience, and between jobs. Unemployment compensation is considerably high and secure. Its economy provides easy and bearable liberties to do business there.
The Denmark Economy is relatively small but strong. As per the World Economic Forum, the country practices the most competitive economy that is open and eager to trade with other countries. Germany is Denmark’s most important trading partner. The transparent environment encourages entrepreneurial activity. The economy stands out as one of the most free in the Index of Economic Freedom and the Economic Freedom of the World.
Economic Policy
The Nordic nation regulates various economic activities and inflation through fiscal policy; while monetary policy is used to support exchange rate policy, aiming at stable exchange rate for the national currency. Post the Second World War, the country has actively participated in various international programs of exchange rate cooperation. The nation’s currency is Danish Krone (DKK) and not the Euro.
Energy Sector
In Western Europe, Denmark is the third largest oil producer along with gas production. Mainly oil is an important reason why Denmark has practiced a balance of payments surplus since early 1990s. The country energy production is based on oil, natural gas and imported coal. In North Sea, oil and natural gas are produced in large quantities than actually needed for domestic use. Surplus, oil and gas are distributed and exported, via pipelines to neighboring countries, like Sweden and Germany.
Manufacturing Sector
The country’s manufacturing sector produces a large number of goods, both for export and for domestic consumption directly contributing to country’s national economy. Some of the most important contributing sectors of the food, beverages, and tobacco industries are corn mills, dairies, breweries, and bacon factories, and in chemical industries plastic goods, insulin, and petrol are among the most successful and productive goods.
