STOCKHOLM, (Reuters) – The Nordic countries are experiencing a boost in economic recovery due to increased consumer spending and higher corporate spending. This is according to Reuters economist polls.

With economic growth surpassing 2019 levels and high employment rates, the Danish economy is back to its pre-pandemic level. This has led economists to predict a modest boom over the next few years.

Sydbank Chief Economist Soren Kristensen wrote last week that it is not supply but demand that could cause problems in the labor market.

In 2021, Denmark’s growth was forecast to be 3.8%. This is an improvement from 3.0% as a July forecast. Denmark’s growth in GDP was forecast to fall to 3.3% next fiscal year. This is below the 3.5% originally predicted.

The booming Danish housing market is a concern. However, the government has so far resisted the call of the central bank for intervention.

The latest price statistics indicate a slowdown of property development.

The Oct. 25-27 survey revealed that Sweden and Norway each expect to grow by 3.5% or more between 2021-2022. As the return to normality is rising in tandem with increased vaccinations, so are Norway and Sweden.

Sweden’s Gross Domestic Product was forecast to increase 4.2% in 2018, up from 3.6% as predicted by economists in July. The economy is expected to grow 3.5% in 2022, which was unchanged from July’s forecast.

Sweden rebounded quickly, with its economy reaching the pre-pandemic level earlier in this year. Even though it was hampered slightly by disruptions to supply chain, the manufacturing sector is still a major support of the economy.

Norway’s GDP increased 3.7% this year and 2022. That is above the previously forecasted 3.5% growth.

(For additional stories in the Reuters global longer-term economic outlook polls packages, click here