Sweden didn't lock down, but economy to plunge anywayMost businesses have remained open in Sweden during the pandemicSTOCKHOLM - Unlike most countries, Sweden never locked down during the coronavirus pandemic, largely keeping businesses operating, but the economy appears to be taking a hard hit nonetheless. "As in most of the world, there will be a record decline for the Swedish economy in Q2," SEB bank economist Olle Holmgren said. To be fair, Swedish officials insist their strategy was always aimed at public health, and never specifically at saving the economy. At first Sweden's export-heavy economy seemed to be doing okay, with GDP actually growing by 0.1 percent in the first quarter. - Export-based economy -Sweden's sharp downturn is largely explained by its dependence on exports, which account for around 50 percent of GDP.

Source: Bangkok Post June 07, 2020 03:11 UTC