sweden economy covid

16 Oct sweden economy covid

However, it was still the largest quarterly fall for at least 40 years. Sign up here for our daily coronavirus newsletter on what you need to know, and subscribe to our Covid-19 podcast for the latest news and analysis. .css-yidnqd-InlineLink:link{color:#3F3F42;}.css-yidnqd-InlineLink:visited{color:#696969;}.css-yidnqd-InlineLink:link,.css-yidnqd-InlineLink:visited{font-weight:bolder;border-bottom:1px solid #BABABA;-webkit-text-decoration:none;text-decoration:none;}.css-yidnqd-InlineLink:link:hover,.css-yidnqd-InlineLink:visited:hover,.css-yidnqd-InlineLink:link:focus,.css-yidnqd-InlineLink:visited:focus{border-bottom-color:currentcolor;border-bottom-width:2px;color:#B80000;}@supports (text-underline-offset:0.25em){.css-yidnqd-InlineLink:link,.css-yidnqd-InlineLink:visited{border-bottom:none;-webkit-text-decoration:underline #BABABA;text-decoration:underline #BABABA;-webkit-text-decoration-thickness:1px;text-decoration-thickness:1px;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none;text-underline-offset:0.25em;}.css-yidnqd-InlineLink:link:hover,.css-yidnqd-InlineLink:visited:hover,.css-yidnqd-InlineLink:link:focus,.css-yidnqd-InlineLink:visited:focus{-webkit-text-decoration-color:currentcolor;text-decoration-color:currentcolor;-webkit-text-decoration-thickness:2px;text-decoration-thickness:2px;color:#B80000;}}The European Union saw a contraction of 11.9% for the same period. Speaking in an interview in Stockholm, Finance Minister Magdalena Andersson said, “We haven’t taken economic considerations when we have decided on the Swedish strategy.”. Eurozone suffers deepest contraction on record, Shattering Korea’s cement ceiling. The results also suggest that, while more of society remained open than in other parts of Europe, plenty of Swedes still chose to stay away from shops, restaurants and gyms. US hostages released in Yemen 'prisoner swap', Trump's son Barron had Covid-19, says first lady, Hidden camera's hugging tiger wins top photo award, Shattering Korea’s cement ceiling. Coronavirus: Berlin ad sticks middle finger to mask rule breakers, US election 2020: World reaction to long queues of voters in US, Hidden camera's hugging tiger wins wildlife photo award, Amy Coney Barrett: Trump US Supreme Court pick grilled on presidential powers, Two priests accused in Vatican's first sexual abuse trial, Glen Snyman: South African accused of fraud for saying he's 'African', The European Union saw a contraction of 11.9%. It’s also raised concerns in other European Union countries as they start opening borders. Sweden’s softer lockdown has resulted in one of the world’s highest death rates, relative to the population. Sweden was perfectly rational. Even so, Sweden’s recession is likely to be roughly as bad as that in the European Union, which estimates an average GDP decline of 7.4% this year. For now, Swedish authorities are hoping that their strategy, which is designed to be more sustainable than sudden and severe lockdowns, will bear fruit in the long run. Sweden has opted for a softer lockdown, but its approach has resulted in a higher death rate than in many other countries. Video, Dramatic footage shows flood destruction in India. Sweden's unemployment rate of 9% remains the highest in the Nordics, up from 7.1% in March. September.3.2020 at 8:50 pm . Sweden’s Covid-19 strategy has also plunged the country into a political crisis. The unemployment rate … Elections, Stocks Drop on Stimulus Deadlock as Banks Tumble: Markets Wrap. That is less than other countries hit hard by Covid-19, such as Italy, Spain and the UK, but still similar to the rest of Scandinavia. Before it's here, it's on the Bloomberg Terminal. But she also said there are “quite a few indications of an upturn, from a very low level,” and “consumption has dropped less in Sweden than in other countries.”. "The downturn in GDP is the largest for a single quarter for the period of 1980 and forward," Statistics Sweden said. Reniam. ... on the economy, non-COVID health issues, etc. Various forecasts predict the Swedish economy will still shrink by about 5% this year. A poll last week showed that Swedes’ confidence in their government’s handling of the crisis has plunged by almost 20 percentage points to less than half the population. An economy is generally deemed to be in recession if it contracts for two consecutive quarters. Stocks Fall as Stimulus Hopes Fade, Banks Slump: Markets Wrap, J&J Halts Covid-19 Vaccine Trial Due to Unexplained Illness, Apple iPhone 12 5G Line Wins Praise for Lower Prices, New Sizes, Investors Turn Skeptical of Democratic ‘Blue Wave’ Victory in U.S. Updated 5/21/20, 5:11 AM CET France orders curfew in nine cities to battle virus. As of Thursday, Sweden had registered 4,266 deaths related to Covid-19. Sweden’s economy grew in the first quarter as many other countries sank into a deep recession, adding to a debate on how best to tackle the spread of Covid-19. But, there’s little chance that “Sweden will escape a recession in 2020,” even though “it is set to be smaller than elsewhere.”. Good article. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Eurozone suffers deepest contraction on record. But compared to other countries, it is considerably better, for instance if you compare to southern Europe," said Nordea bank chief analyst Torbjorn Isaksson. Instead, the government has encouraged citizens to observe social distancing rules. Did Sweden's coronavirus strategy succeed or fail? Individual nations did even worse, with Spain seeing an 18.5% contraction, while the French and Italian economies shrank by 13.8% and 12.4% respectively. The decisions taken in Sweden have fed into a global debate over the economic consequences of shuttering a society to fight a pandemic. Andersson said her recent prediction that Sweden is now facing its worst recession since World War II still holds. Although businesses have largely continued to operate in Sweden, the country's economy is highly dependent on exports, which were hit by lack of demand from abroad. Recent opinion polls have suggested declining confidence in the minority government's handling of the pandemic. Despite the contraction, Sweden is not yet in recession, since the first quarter saw growth of 0.1%. 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Like other Scandinavian nations, it has a small, open, economy that is dependent on international trade. “Uncertainty remains high and unemployment is likely to continue increasing,” Andersson said. The flash estimate from the Swedish statistics office indicated that the country had fared better than other EU nations which took stricter measures. The authorities here have always said the country's Covid-19 strategy wasn't designed to protect the economy. But given the rapid drop in daily recorded deaths since July, supporters of the controversial strategy are hopeful that the measures here will help provide long-term stability. But the policy appears to be costing more lives here and now. "It is, as expected, a dramatic downturn. VideoSniffing out Covid-19, .css-orcmk8-HeadlineContainer{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;}Covid: Trump's son Barron had coronavirus, says first lady.css-1dedj2h-Rank{-webkit-align-self:center;-ms-flex-item-align:center;align-self:center;color:#B80000;margin-left:3.125rem;}1, Central Park: Amy Cooper 'made second racist call' against birdwatcher2, Coronavirus: France to impose night-time curfew to battle second wave3, Trump taxes: A 'fundamentally unfair' system?4, Coronavirus: Berlin ad sticks middle finger to mask rule breakers5, US election 2020: World reaction to long queues of voters in US6, Hidden camera's hugging tiger wins wildlife photo award7, Amy Coney Barrett: Trump US Supreme Court pick grilled on presidential powers8, Two priests accused in Vatican's first sexual abuse trial9, Glen Snyman: South African accused of fraud for saying he's 'African'10. Stocks Fall as Stimulus Hopes Fade, Banks Slump: Markets Wrap, J&J Halts Covid-19 Vaccine Trial Due to Unexplained Illness, Apple iPhone 12 5G Line Wins Praise for Lower Prices, New Sizes, Investors Turn Skeptical of Democratic ‘Blue Wave’ Victory in U.S. The country’s top epidemiologist, Anders Tegnell, argues that the Swedish model is designed to cope with a long-term health crisis. Have a confidential tip for our reporters? Swedish shops, schools, gyms and restaurants have all remained open throughout the crisis. Sweden has attracted global attention for not imposing a full lockdown, as seen in most of Europe, to contain the coronavirus pandemic. Key members of the opposition in parliament have started demanding consequences, and accused Lofven of mishandling the situation. VideoDramatic footage shows flood destruction in India, World reacts to long queues of voters in US, How to spot US election disinformation. However, Sweden's economy still outperformed many of its European counterparts over the three-month period through to the end of June. But he and Prime Minister Stefan Lofven have both pledged to stick with the current strategy. Sweden’s finance minister says it was never the government’s intention to adopt a relaxed Covid-19 strategy in order to protect the economy. At the same time, Andersson said in May that her country was facing a “very deep economic crisis,” with GDP set to sink about about 7%, despite the softer lockdown. The GDP data published on Friday, which show a 0.1% expansion from the fourth quarter, provide “yet another sign that less strict containment measures eased the initial blow to the economy from the pandemic,” Bloomberg economist Johanna Jeansson said. 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