Swedish Govt. Upgrades GDP Forecast

(RTTNews) - Monday, Sweden’s Finance Minister Anders Borg said the economy is forecast to shrink 4.9% this year compared to a 5.2% fall estimated initially. The economy is set to expand 2% next year, revised significantly from the 0.6% growth projected in September.

The upward revision was driven by strong development abroad and reduced uncertainty among businesses and households. “Sweden has landed on its feet after the financial crisis. But if we are able to maintain stability, we need to continue with the expansive economic policy which we have now,” said Borg.

Borg added that projections now suggest that the deterioration in the labor market will be slightly less than previously expected. The jobless rate is forecast to rise to 10.7% next year from an estimated 8.5% in 2009.

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