Job creation is picking up in Denmark as employment is moving closer to pre-crisis levels. But that’s not all good, according to those who fear history repeating.

Denmark added 5,000 new jobs in November, the country’s statistics office said Friday. Labor supply is now becoming strained and there’s a risk of a shortage. “It’s urgently necessary to boost productivity or expand the labor force,” Nordea Bank AB Chief Economist Helge Pedersen says. “Otherwise, bottlenecks and rising wage growth risk derailing the economy like it happened in the middle of the past decade.”

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