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[93], 63% of the land area of Denmark is used for agricultural production the highest share in the world according to a report from University of Copenhagen in 2017. [75][76] The government sector having a fair amount of financial assets as well as liabilities, government gross debt amounted to 36.1% of GDP at the same date. In comparison to Americans, Danes work considerably less. In 2017, 78.8% of all 15-to-64-year-old people were active on the labour market, the sixth-highest number among all OECD countries. Instead of creating policies where the rich can get richer at the expense of the poor, everyone tends to earn about the same amount. Why is the Netherlands Economy so Rich? [112], Since 2000, Denmark has increased gross domestic product (GDP) and at the same time decreased energy consumption. The Economy Of Denmark - WorldAtlas Denmark - OECD Better Life Index (Wikimedia / Srvora) [31] However, the Napoleonic Wars caused Copenhagen to lose its status as an international centre of finance and trade. "Danish Economic Council: Economy and the Environment 2017. A large part of the pension wealth is invested abroad, thus giving rise to a fair amount of foreign capital income. They spend about 11 percent of their GDP on health care. Quick Answer: Why Denmark Has Good Health Care - BikeHike expenditure another 3.4% of GDP. Government net debt was close to zero at the end of 2017, amounting to DKK 27.3billion, or 1.3% of GDP. Denmark has a competitive economy and ranks #1 on the IMD World Competitiveness Ranking 2022. A reform in that year reduced the number of counties and replaced the boroughs and parishes with a system of municipalities. Among which are the high-performing Danish economy, attractive taxation schemes, flexible labour market, and collaborative work culture. [109] In 1997, Denmark became self-sufficient with energy[110] and the overall CO2 emission from the energy sector began to fall by 1996. OECD's periodic surveys of the Danish economy. Though eligible to join the Economic and Monetary Union of the European Union (EMU), the Danish voters in a referendum in 2000 rejected exchanging the krone for the euro. Rising inflation led to Denmark declaring a more consistent fixed exchange-rate policy in 1982. Denmark 's top statutory personal income tax rate is 55.9 percent, Norway 's is 38.4 percent, and Sweden 's is 57.1 percent. Another important factor is gender equality, with Denmark ranked second in the EU in . a combination of labour market flexibility and economic security for workers. In 2012, the Danish parliament passed a Budget Law (effective from January 2014) which governs the over-all fiscal framework, stating among other things that the structural deficit must never exceed 0.5% of GDP,[72] and that Danish fiscal policy is required to be sustainable,[73] i.e. This flexicurity model allows for businesses to establish. Why is Scandinavian Economy so Rich? - Tourist Maker Switzerland Global Enterprise, organisation for export and investment promotion. E ven by Washington standards, the rapid rise and equally quick descent of Sean McElwee is a dizzying story. Top Personal Income Taxes. The years 195873 were an unprecedented high-growth period. Retrieved on 23 November 2018". Danish exports to the United States have increased substantially, and in 2020 the United States surpassed Germany to become Denmarks largest export market. All the Worlds a Stage: 6 Places in Shakespeare, Then and Now, 19 Significant Buildings Worth Seeing in Denmark, Match the Country with Its Hemisphere Quiz.