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Recently, the Swedish central bank announced its benchmark interest rate by 0.25% to 0.75% level.
This is in June this year, Sweden’s second interest rate increase. Sweden’s central bank said Stephen Weiss United Kingdom, Sweden, the economy has two consecutive quarters of strong growth, the growth rate among the highest in the EU countries. In order to avoid inflationary pressures in the economy rebounds, the Swedish central bank decision to raise the benchmark interest rate.
Swedish National Institute of Economic Research recently published a report, as the global economic recovery, the Swedish export a substantial increase in household spending and business investment growth is also promoted economic growth. The agency expects economic growth in Sweden in 2010 will reach 4.3%. Deep dilemma for the EU economy, Sweden’s economic performance is called “thriving.”
Despite the international financial crisis hit, but in a stable financial policy and good financial position, based on the recovery of the EU, Sweden became the fastest growing economies. Swedish government through increased public spending, tax cuts and other measures to stimulate exports, the economy bottomed out quickly. As in the Swedish economy, accounting for half of the imports and exports increased significantly. The first half of this year, exports reached 553 billion Swedish kronor (1 U.S. dollar equals 7.22 kroner), up 10% over last year; imports amounted to 520 billion kronor, up 17%. As the relative balance of Sweden’s public finances, high savings rate, and current account surpluses, the international credit rating agency Fitch believes that Sweden’s sovereign credit rating worthy of the AAA. Sweden, the health of public finances is unmatched by other EU countries, therefore, the Swedish government in tax cuts while increasing public spending, both to stimulate economic growth.
In fact, the proper response to the crisis in Sweden, largely due to the Swedish lessons of the 20th century broke out in the early 90s the lessons of that crisis. The late 80s of last century, the Swedish government to stimulate economic development, ease controls on bank lending, but the absence of an effective regulatory system. Just a few years, the housing market, the stock market rising rapidly, the formation of asset bubbles, most of the surge in commercial bank non-performing asset ratio. In 1992, the contin expansion of the asset bubble eventually lead to a large number of financial institutions, bankruptcy, and quickly evolved into a financial crisis, its economy continues to 3 years of negative growth. In Sweden, a series of strong measures the government intervention, that was the financial crisis will soon be over, the Swedish financial industry to recover. The lessons of the crisis prompted the Swedish government and the banking industry has established a complete, comprehensive and standardized framework for the prevention of financial risks.
More importantly, the financial crisis that forced the Swedish government in-depth reflection and amended the “Swedish model.” Government to cut expenditure on social security costs, an increase of welfare in the amount of personal commitment. Through the reform of the social welfare system, Sweden’s budget deficit decreased, the economic parameters were significantly improved, falling unemployment, economic growth in successive years over Le European Union Pingjun. This shows that high welfare and economic growth are not irreconcilable. “Swedish model” integrates all social resources, re-vitality and vigor.
Outstanding performance for the Swedish economy, the Swedish national media on the one hand to congratulate the other hand, the global economy, expressed concern about the future trend. Sweden’s economic dependence on foreign trade as high as 80%, net exports accounted for nearly half of GDP.
If the global economic recovery has slowed down, Sweden’s rapid economic growth is difficult to maintain.
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