The Swedish authorities expect the deepest fall of the economy since the Second world war, writes Bloomberg.
According to the forecast of the Minister of Finance Magdalena Andersson, in 2020 the Swedish economy will shrink by 7%. She acknowledged that the country faces a “very deep economic crisis” and the decline is faster than expected.
The Minister also expressed doubt that the Swedish economy will be able to recover quickly.
Sweden was one of the few countries in the world, which was not quarantined due to the outbreak of COVID-19. The government only issued guidelines for hygiene and social distancing. The government hoped that the economic benefit outweighs the possible increased burden on the health system and the increase in the number of deaths from infection. However, the Agency said, the amount of economic loss to question the justification of such a policy.
Bloomberg says that about half of the GDP of Sweden is exported, so domestic economic activity cannot compensate for the global decline in demand.
According to the data of Johns hopksinsa in Sweden infected with 34.4 thousand people, died more than 4.1 thousand in the neighboring countries, the number of cases and deaths is much smaller: Denmark – 11.4 million cases, 563 dead; in Finland, the sick 6,6 thousand people died 312, in Norway infected with 8.3 thousand people died in 235.