Economic outlook

You’ll find archives on DNB Carnegie’s semiannual forecasts “Economic Outlook” here.

Our macro team, with Senior Economist Oddmund Berg, presents economic forecasts in the report "Economic Outlook". Find the full report at this page or on the research portal

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?

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Economic Outlook

The year has started dramatically,” the macro-economists reports in January 2026. They believe that the turmoil, paradoxically, strengthens the outlook for an economic upswing ahead.

Semiannual forecasts

The semiannual report “Economic Outlook” is presented by our macro analysts in January and August, respectively.

The full report is only available in English, the Norwegian version is a summary.

Economic Outlook January 2026 (PDF)Open the file in a new tabEconomic outlook, Norwegian summary 01-26 (PDF)Open the file in a new tab

The report is also published on the DNB Carnegies research portal DNB Carnegie Research Portal

Economic Outlook previous years

2025

2023

2024

Disclaimer

The views expressed in reports available on this website reflect the views of the macro analysts on the different markets and conditions. Opinions in the forecasts represent the macro analysts’ current opinion – at the time the reports are prepared – and can be changed without notice.

The reports have been prepared for information purposes only by DNB Carnegie. The reports are DNB Carnegie’s property.

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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