Novo Nordisk Layoffs Add to Denmark’s Mounting Economic Anxieties
Cuts across the country’s corporate giants have prompted Danes to put away their wallets
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While the Danish economy looks strong on paper, Danes are increasingly nervous about the labor market in light of pharmaceutical giant Novo Nordisk’s move to axe 5,000 jobs in the country last year. The layoffs didn’t stop there: Blue-chip firms Lundbeck, Nykredit, Tryg, Nordea Bank followed with cuts of their own, and by the end of the year, Denmark had recorded its highest level of layoffs since the Covid-19 pandemic. To make matters even more nerve wracking, Orsted and Maersk have warned that further cuts are coming.