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February 14, 2012
Swedish growth to slow in 2011: IMF
Published: 20 Jul 10 09:12 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/27886/20100720/
Swedish growth will slow in 2011, from around 3 percent today to 1.9 percent, according to a new prognosis from the International Monetary Fund (IMF).
- IMF warns of Swedish house price decline (1 Jun 11)
- Borg slams Gordon Brown as new IMF head (19 May 11)
- Bildt: sex assault scandal shouldn't damage IMF (18 May 11)
The Swedish economy’s recovery from last year’s 5.1 percent fall in GDP is entering an uncertain phase. The debt crisis in the eurozone is the main reason, the IMF says.
The IMF’s expectations for the Swedish economy are considerably more modest that those outlined by Finance Minister Anders Borg earlier this month.
Borg said he expects the rate of growth in the Swedish economy to rise from 3.3 percent this year to 3.8 percent next year. Unemployment will fall to 7.5 percent in 2011, Borg believes.
The IMF argues that the Swedish krona, the weakening of which was a crucial factor in reversing the fall in Swedish GDP, has now turned a corner. The strengthening currency together with austerity measures in crisis-hit eurozone countries will hit demand for Swedish exports, the fund believes.
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