Denmark, a member of the EU but not the eurozone, has seen its worst economic downturn since Word War II.
While the left-leaning opposition appeared to be heading for victory early in the race, the gap with the ruling parties narrowed in recent days.
Prime Minister Lars Lokke Rasmussen's liberal-conservative "Blue Bloc" has long relied controversially on a nationalist party, the Danish People's Party (DPP), to push legislation through parliament.
The recent decision of Denmark, a Schengen state, to reimpose border controls came after pressure from the DPP, the third-biggest party in parliament.
However, correspondents say the main issue of the election is the health of the national finances.
The economic crisis has turned healthy surpluses into deficits, estimated to climb to 4.6% of GDP next year.
Local banks have also been struggling, with nine taken over by the state since the start of the crisis in 2008.
Twelve minutes Helle Thorning-Schmidt, leader of the opposition "Red Bloc", has accused Mr Rasmussen of failing to spur growth and allowing the deficit to grow.
She advocates increased government spending, along with an unusual plan to make everyone work 12 minutes more per day, Reuters news agency reports.
An extra hour of productivity each week, it is argued, would help kick-start growth. "Denmark needs change, Denmark needs to move on and Denmark needs my leadership," Ms Thorning-Schmidt said.
If the left wins, she is tipped to become Denmark's first woman prime minister.
The Social Democrat leader is a former MEP and married to Stephen Kinnock, son of British Labour Party politicians Neil and Glenys Kinnock.
Mr Rasmussen advocates austerity measures, including an end to the early retirement system.
"In the middle of a worldwide crisis, Danes are faced with a clear choice: uncontrolled debt or permanent welfare," he said on Wednesday.
He is widely known by his middle name Lokke in part because he is Denmark's third prime minister in a row to have the surname Rasmussen, although the three are not related.
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