Swedish economy ’not as severely hit’ as first thought, analyst says

Swedish economy 'not as severely hit' as first thought, analyst says

After the Swedish economy suffered through the spring and summer, the National Institute of Economic Research is now predicting a sharp upturn for the third quarter.

In the government agency’s latest economic forecast it say that exports and production are up again after slumping under the coronavirus pandemic.

"Now we have a somewhat clearer picture of how this pandemic has hit the Swedish economy.

And Sweden wasn’t as severely hit as we first thought," says Ylva Hedén Westerdahl is the director of forecasting at the institute.

Nonetheless, unemployment is still predicted to rise - reaching 8.7 percent for 2020 before peaking at 9.1 percent in 2021.

That’s because companies will most likely dip into the large reserve of workers who were given short-term layoffs during the spring and summer first before they start looking on the job market to hire someone new.

Source: Swedish Radio

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