Economic Outlook

DNB Carnegie believe geopolitical turmoil will provide economic momentum

(Jan 21, 2026) The macro analysts at DNB Carnegie have released the report “Economic Outlook,” which offers projections for the Norwegian and international economy.

After dramatic weeks, with Trump’s countless antics taking center stage and significant market turbulence, economists’ expectations for an economic upswing in the U.S. and Europe are paradoxically strengthened. At the same time, they believe that growth in China will, in all likelihood, meet the targets set by Chinese authorities.

So what does this mean for the economy going forward — for interest rates, employment, wage growth, and inflation?

The views expressed in reports available on this website reflect the macroeconomists' views on the various markets and conditions. Opinions in the forecasts represent the macroeconomists' current opinion – at the time the reports are prepared – and may change without notice.

The reports are prepared for information purposes only by DNB Carnegie. The reports are the property of DNB Carnegie.

The note (the "Note") must be seen as marketing material and not as an investment recommendation within the meaning of Regulation (EU) NO 596/2014 on market abuse (Market Abuse Regulation) and associated rules, implemented in the relevant jurisdiction.

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