The country of Dolph Lindgren and the great Volvo automobiles from where diverse discoveries and creations such as the concept of car seatbelt, dynamite and kick slide (to quote a few) came about has a brand new and major reason to celebrate in the present times. Sweden, home to some the most serene and pristinely beautiful Nordic sights in the world is experiencing a pleasant boom in its economy. And how so? Well, it’s simple- the Swedish economy (GDP) has reached the same level where it stood prior to the COVID- pandemic.
Now, if that’s not a fantastic piece of news, then one wonders, just what is?
That being said, what might be the reason for the revival the Swedish economy? Now, in order to gauge that, we first have to be mindful of the fact that Sweden’s is an export-driven economy. Some of the most illustrious and popular articles that the Northern European country exports to other EU nations and different parts of the world include things as vivid and versatile as- Iron Ore, Sawn Wood, Refined Petroleum, Refined Cooper, Machinery parts and equipments, Clothing, Textile, and Furniture, to quote a few.
And with the gradual opening of the wider world economy, with the added impetus being given to a general (or overall) relaxation of the lockdown norms, the Swedish economy has become to move about steadily and cautiously. As a matter of fact the reason why the revival of the Swedish economy is great news not just for the country itself but for the remainder of the Nordic nations is because this is the largest economy in all of Northern Europe.
It’s the fulcrum around which the rest of Scandinavia revolves. That being said, here is what finance journal Bloomberg happened to publish with regards to the massive story from Europe:
Swedbank’s analysts Pernilla Johansson and Maria Wallin Fredholm said GDP reached the pre-pandemic level “much faster” than they or Riksbank had expected, according to a research note.
Like the rest of the Nordic region, Sweden has weathered the Covid crisis better than most thanks in large part to generous welfare systems and widespread digitalization that made working from home easier. Even as the 14-day infection rate is the highest in Europe, according to WHO, the government plans to go ahead with a gradual softening of Covid-restrictions starting next month.
Factors like strong export growth and growing patterns of consumption, it must be added, have duly helped the majestic Nordic wonder to rise to a position of eminence like the pre-COVID days.
More importantly, exports analysing the green curve suggest that the the increase in household consumption is presently valued at 0.5% growth. Moreover, it has also been stated by the Swedish economists that the labour market in Sweden is improving a bit quicker than in most other EU nations.
What can only be hailed as a cracker of a news especially in a continent that was stifled by dark COVID days, perhaps the glowing spirit of Sweden will certainly permeate that of Europe in entirety. And maybe, we shall see swift recovery in other European nations too in the not so distant future.