The Nordic region (Norden) consists of the sovereign states of Denmark, Norway, Sweden, Finland, Iceland and the autonomous regions of the Faroe Islands, Greenland and Aland.
Nordic countries share similar economic and social models, namely market economies, economic efficiency and all are notably welfare states.
Each country and autonomous state consistently heads key metrics on national performance, including economic competitiveness, education and human development.
Nordic countries are among the best macroeconomic performers in the last decade and collectively, the combined Nordic region is the 11th-largest economy in the world.
Foreign trade accounts for a significant proportion of economic activity in the region. The value of Nordic exports amounts to approximately two-thirds of Japan’s total exports.
2021 will mark the 50th anniversary of the Nordic Council of Ministers. The council’s vision is to create the most sustainable and integrated region in the world by 2030.