Swedish Minister for Finance, store Ms. Magdalena Andersson at the SACC-DC Seminar 2016-04-15
Maria Lönnberg, Magdalena Andersson, Christer Bergman, Robin Lindgren, Frida Gustafsson
The Swedish-American Chamber of Commerce of Washington, DC (SACC-DC) welcomed Swedish Minister for Finance, Ms. Magdalena Andersson to Washington, DC on April 15th to speak to and discuss with SACC-DC members about the Swedish economic outlook.
The Minister discussed the current economic outlook, with the international growth now expected to be slightly weaker than what was predicted in December 2015. Despite this Sweden has shown a very strong GDP growth (4.1%, 2015) compared to other countries, such as USA (2.4%, 2015) and the UK (2.2%, 2015). For Sweden the investments and household consumption represented the two biggest contributors to the growth. For 2016, the investment portion of the growth is expected to be significantly lower, while public consumption is expected to grow for an overall expected growth of 3.8%.
The government has developed an export strategy, focused on an increased Swedish presence in emerging markets and regional export hubs offering export consulting services. In addition to this, the government is increasing investment in higher education and housing within the country.
In the Spring budget, which was presented on April 13, 2016, another focus area was the plan to handle the refugee crisis, which the government aims to handle through return of refugee not eligible for asylum, labour market integration, increased security, and a democratic society. The government’s measures to reduce immigration, including id-controls at the border has shown effective with asylum applications in Sweden having decreased dramatically since the high numbers in September – December of 2015.
To conclude, Sweden is clearly going strong in an uncertain world, with the government focusing on enterprise and industrial policy, and with the budget having been amended to address the refugee situation and integration.
More information about the Spring budget can be found here: http://www.government.se/government-of-sweden/ministry-of-finance/central-government-budget/
Swedish Minister for Finance, Ms. Magdalena Andersson