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Borg: economy will continue to strengthen

Published: 05 Aug 2010 16:51 GMT+02:00
Updated: 05 Aug 2010 16:51 GMT+02:00

Speaking during a government meeting at Rosenbad, the prime minister’s offices, Borg reminded journalists that markets were often quiet during the summer, but that things could change in the autumn.

“Concern for Spain’s banking system remains, and for public finances in southern Europe,” he said. He also pointed to signs that the US recovery was weakening.

But Borg added that things were looking better on the home front. He said the latest GDP figures and unemployment statistics were better than the government had expected earlier in the summer.

The unemployment figures, compiled by Statistics Sweden (SCB), show the jobless total has hit 9.5 percent. But the government points to seasonally adjusted figures of 8.1 percent. This means unemployment actually fell from 8.8 percent in May, Borg said.

“But unemployment just over 8 percent is not something you can be pleased about. This is the biggest challenge of the election campaign,” he said.

New government economic predictions are set to be released within the next two to three weeks. These predictions will make it clearer for political parties the amount of money they can spend on tax cuts or spending increases. In early July, Borg said that there would be 10 billion kronor extra to spend in 2011. He declined to say whether that figure could now be increased in the light of improving economic indicators:

“But I feel more confident than earlier in the summer that we have room to make reforms in 2011 and further into the future,” he said.

TT/The Local (news@thelocal.se)

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Your comments about this article

13:16 August 6, 2010 by Audrian
Sweden as a small country, its foreign trade is proportinally a big percentage of its GDP. What determines its total exit out of recession is the opening up of its foreign markets once more. Government policy is good as long as it does not undermine this possibility.
23:22 August 6, 2010 by waffen
The ". . . . main [risk] to global economic security . . ." is the United States of America, who exported their Depression to the Europe and to the rest of the world.

Now that petrol is below $3.00/ gallon in most places in the United States, the nuts who are driving pick-up trucks nearly as big as tanks, and a whole slew of SUVs, are out in force again buying the same gas-hogs and pollution machines that they had previously bought.

How this is possible when twenty five millions of their citizens are either underemployed, unemployed or about to be, including those who have quit looking for work, is a wonder.

Sweden, Denmark, and Germany are doing what is necessary to strengthen and grow their economy, but that is no thanks to the power on the other side of the Atlantic.
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