The Nordic region is usually one of the richest and stablest corners of the globe, but it has not been immune to the damages inflicted by the novel coronavirus, reports Bloomberg
(30 March, Pohjanpalo). Almost 630,000 of the region's 27 million people have been put on temporary leave in recent weeks, many without paychecks, while another 105,000 have been fired. Ole Erik Almlid, the chief of the Confederation of Norwegian Enterprise, said the damage from the COVID-19 pandemic is akin to a "tsunami" that is "getting worse" over time. Knut Hallberg, senior economist at Swedbank, characterized the situation in the Nordic region as "severe." The Nordic region has safety nets to help people who have dropped off payrolls, but even those generous social welfare programs, in addition to universal healthcare and free education, have not been able to stifle a sharp economic shock. Even the biggest Nordic companies are feeling the strain, with Volvo, Scandic Hotels, H&M, and the airlines SAS, Finnair, and Norwegian Air shuttering doors and putting employees on leave.
From "With 735,000 Jobs Lost, Rich Nordic Nations Are in Shock"
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