The Swedish government predicted 2023 would be a 'gloomy' year for the country, but new GDP expectations present a worse outlook than previously expected.
New data from the Swedish government forecasts GDP will contract more than expected, worsening an already "gloomy" outlook for the economy.Inflation eased slightly in March, but wages are still limping behind and the housing market could be experiencing a "false dawn."JONATHAN NACKSTRAND / Contributor / Getty Images
"Many people are struggling to make ends meet, so it is important for the Government to fight inflation and support those in the most difficult circumstances."in October 2022, with the expectation that the economy would slip into recession. The latest CPI data shows inflation is finally starting to slow, but wages are limping behind and house prices are facing a serious downturn.
While March's CPI data is a sign inflation is moving in the right direction, Swedish households are unlikely to get much reprieve from the figures. The inflation figure is also unlikely to impact the central bank's interest rate hiking cycle, which unexpectedly started in April last year, according to Swedbank.
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