Denmark, regarded by many independent observers as one the world's most attractive business environments, is characterized by political, economic and regulatory stability. It is a member of the European Union (EU), and Danish legislation and regulations conform to EU standards on virtually all issues. Denmark conducts a fixed exchange rate policy, with the Danish Krone linked closely to the Euro. Denmark is a social welfare state with a thoroughly modern market economy reliant on free trade in both goods and services. It is a net exporter of food, fossil fuels and wind power, but depends on raw material imports for its manufacturing sector. Within the EU, Denmark is among the strongest supporters of liberal trade policy. Denmark suffered from the financial crisis and previous over-investment in commercial, private, and agricultural real estate, and from personal over-leveraging by Danish consumers, which contribute to a current low level of private investment and consumption. The Danish economy is finally entering a sustainable recovery after years of lackluster growth following the 2008 global financial crisis and subsequent economic recessions. Real GDP grew by 1 percent in 2014 and the recovery is estimated to pick up speed in 2015 and 2016. The government estimates 1.6 percent GDP growth for 2015 and 2.0 percent for 2016, increasing to annual growth rates of 2.4 percent in 2018 and 2019. The Central Bank projects growth of 2.0 percent in 2015 and 2.1 percent in 2016. The main headwind in the economy in recent years - subdued private consumption - abated in early 2015, boosted by six consecutive quarters of growth. Contributing factors were decreasing unemployment, a weaker kroner (due to its linkage to the Euro), declining oil prices and record low interest rates. Denmark is also very reliant on international trade (trade accounts for about 50 percent of GDP) and the budding European and international recovery bodes well for Danish growth. Gross unemployment, a national definition, was 4.9 percent in January 2015, and is forecast to decrease slightly in the coming years as the economy improves and structural reforms take effect. The OECD Harmonized Unemployment Rate was 6.3 percent in Q4 2014. The underlying macroeconomic conditions are sound, and the investment climate is favorable. Denmark is situated strategically, linking continental Europe with the Nordic and Baltic countries. The transport and communications infrastructures are efficient. Denmark is among the world's leaders in industries such as information technology, life sciences, clean energy technologies, and shipping. Exchange rate conversions throughout this document are based on the 2014 average exchange Danish Kroner (DKK) 5.619= 1 USD.