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Swedish government feels the heat in winter and reduces growth forecasts

Monday, 16 April 2012
The Swedish tiger economy started limping after being battered somehow somewhere as the government now cut its growth forecast for 2012 from 1.3 to 0.5 percent in the Spring Budget, according to Finance Minister Anders Borg.

He also sees a rise in unemployment in front of him with "a few tenths."
According to Borg, there is considerable uncertainty in the international economy, which calls for caution with new ventures.
“We will secure Sweden and we should be cautious,” he says in an interview with Swedish television’s program, Agenda on Sunday evening, before Monday's spring proposal.

He sees a government deficit this year of Skr13-Skr14 billion, compared with the forecast of a surplus of Skr60 billion a year ago.

“We reach at about a half percent growth this year and then normalize it by exports and capital spending next year. When growth starts again in full force on,” says Borg.
He adds that unemployment will likely climb by a few tenths from about 7.5 percent in the spring, to decrease again in the fall.

In addition there will be the housing policy to match on with the Skr1.75 billion that was announced a week ago, according to Borg that the government is working with bills on infrastructure, education and research in the fall.

“If we see that the international uncertainty stabilizes a bit, then I think it might be time to start investing Sweden right out of crisis,” he adds
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