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Political Economy

Danish Prime minister, Helle Thorning -Schmidt receive great praise from business leaders for better handling of the economy

Tuesday, 19 March 2013
Leading Danish business leaders and other people in their commerce world are heaping praises on the government for its bold and courageous economic policy, though it would likely not be election winning policy.

The current government has done a better and more ambitious job of pushing forward with competitiveness than the Liberal government did in its term in office, believe a panel of Danish executives who wrote of the Danish daily, Berlingske. More focus has been laid of growth, job creation than seeking means of financing welfare.

The panel of chief executive consists of 191 executives and 43 percent of them believe that current governing coalition government's efforts on promoting competitiveness are better or much better than the Liberal-Conservative government.

Only 13 percent believe that the Liberal government was better for competitiveness.
"Thorning-government has generally taken a responsible and is courageous. The blue-government's economic policy with important reforms and tax cuts is courageous," said Jim Pedersen, CEO of oil trading company, Wrist Group.

He is backed by Henrik Mikkelsen, CEO of Sæby Fishing Industry. He believes that the Liberal government squandered every opportunity to hedge against the crisis.

The Danish economy has been struggling with increasing failing banks and the agro business that has been hit by the recession. Real estate sector has weaken following a fall in the price of houses by 10 percent in the past two years. Even the Danish Krona has had a knock but which has also been good to Danish exporters.

Denmark announced recently that it was to trim its corporate tax rate in order to attract new business amid an ongoing recession. Prime Minister Helle Thorning -Schmidt officially announced the new scheme and which was expected to see the country’s corporate levy reduced to 22 per cent.

Sofie Carsten Nielsen, a Social Liberal party spokeswoman told Bloomberg, “We’ve been challenged by losing 170,000 jobs in recent years. We’re launching this to create jobs and growth. For years, we’ve only discussed how to fund welfare spending, while now we’ve set out to create prosperity.”

It is this line that CEOs have praised the Prime Minister and her government for being bold and not pursuing policies that are election winning in the short run. Shifting from seeking how to "fund welfare" to improving competitiveness has been acclaimed for being bold.
By Scancomark.com Team

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