Scandinavian country's economy is shrinking and unemployment soaring like most of Europe. FMTNews Lockdown
People enjoy Malmo’s weather as a sign reads ‘In Malmo everything is near. But now we need to keep a distance’.
To be fair, Swedish officials insist their strategy was always aimed at public health, and never specifically at saving the economy. “When we have decided what measures to take to stop the virus from spreading, we have not had any economic considerations. We have followed the advice of our experts on this issue,” Finance Minister Magdalena Andersson told reporters in late May.
But now the country is expected to follow the same path as most of Europe, with its economy shrinking for the full-year 2020 and unemployment soaring.In April, the government predicted GDP would contract by 4% in 2020, compared to its January forecast of 1.1% growth. Before the crisis, Sweden’s labour market was in good shape, with strong job creation and a declining unemployment rate.It sees a growth of 3.5% in 2021.Sweden’s sharp downturn is largely explained by its dependence on exports, which account for around 50% of GDP.
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