Sweden’s Economic Woes Deepen as GDP Contraction Forecasted to Intensify

The Swedish government has predicted a “gloomy” year for the country in 2023, but new GDP expectations present an even more dire outlook than previously expected. According to the latest figures released by Sweden’s Economic Policy Council, the nation is now expecting its economy to contract by 3.8 percent this year – significantly worse than their initial forecast of 2.7 percent contraction just two months ago.

The news comes as a major blow to Sweden’s already struggling economy, which has been hit hard by the pandemic and ensuing lockdowns over recent months. This further contraction will have far-reaching effects on many sectors of society, including employment rates and consumer confidence levels; both are likely to suffer greatly from this downturn in economic activity throughout 2021 and beyond.

In response to these figures, Finance Minister Magdalena Andersson said that “We must continue our efforts so that we can get out of this crisis as quickly as possible” – emphasizing how important it is for all stakeholders involved (both public and private) to work together towards mitigating any long-term damage caused by such a severe economic slump across multiple industries within Sweden’s borders.