From the Document: "The five Nordic countries--Denmark, Finland, Iceland, Norway, and Sweden--share deep historical, linguistic, and cultural ties and many political and economic similarities. They are all stable democracies with parliamentary systems of government and prosperous market economies with relatively high standards of living. With a total population of roughly 27 million people [...], the Nordics collectively form the world's 12th -largest economy. They have extensive social welfare systems and relatively high tax rates but are considered to be innovative, business-friendly countries. The Nordics generally rank high on global competitiveness indexes. Foreign trade plays a key role in their economies. They also enjoy substantial natural resources. Norway in particular benefits from vast North Sea oil and natural gas deposits."
CRS In Focus, IF10740
Congressional Research Service: https://crsreports.congress.gov/