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Sweden's economy dependent on exports set a precedent in the Corona crisis

Friday - August 7, 2020 1:42 pm , Category : WTN SPECIAL
No complete lockdown imposed in Sweden
No complete lockdown imposed in Sweden

Sweden's economy suffered comparatively less damage in Corona crisis

AUG 07 (WTN) - Coronavirus infection epidemic spreading from Wuhan city of China is the biggest challenge facing human civilization at this time. At the same time, the economy of all the countries of the world has suffered heavily due to the lockdown and other reasons imposed to prevent the spread of the Coronavirus infection. Not only this, even the world's largest economy, America's economy, is also going through a bad phase due to the Corona crisis.

But, amidst all this, while almost all countries in the world are facing an economic crisis, Sweden is one of the countries that are less visible than other countries in the grip of the economic crisis created by the Coronavirus infection epidemic. Yes, for your information, let's say that Sweden's GDP has recorded a slight decline in the second quarter compared to the first quarter while after not taking drastic decisions like the complete lockdown to prevent the spread of Coronavirus infection.

Let' s tell you that in the second quarter between April and June, the GDP of Sweden declined by 8.6% compared to the figures of GDP for the first quarter of January to March. If Sweden's economy is compared to other countries of Europe, then there is only a slight loss. While Sweden's economy recorded a decline of only 8.6%, Spain's economy fell by 18.5%, France's economy declined by 13.8%, and Italy's economy declined by 12.4%. Although Sweden's economy has recorded a lower decline than the other European countries due to the Corona crisis, it is the largest decline in Sweden's economy in the last 40 years.

Now, since Sweden's economy has suffered comparatively less damage than the other countries, economists are now finding reasons why Sweden's economy has performed comparatively better. Indeed, the Government of Sweden.did not impose a complete lockdown even once in the country during the Corona crisis. However, there was a strong emphasis on social distancing guidelines from the very beginning to tackle the Corona epidemic in Sweden. Also, more focus was placed on work from home. Not only this, but steps were also taken to minimize the use of public transport to prevent the spread of the Coronavirus infection.

For your information, let's know that since Sweden's economy is heavily dependent on the exports, business and trade remained mostly in the operation during the Corona crisis here. However, Sweden's economy suffered greatly due to reduced demand due to the lockdown in other countries.

At the same time, in Europe, when the Coronavirus infection was at its peak, the complete lockdown was not imposed in Sweden. Indeed, the Swedish Government argues that by not imposing a lockdown and keeping society open, unemployment will be minimized, and industries and trade will be less affected. This is why Sweden's economy, which is largely dependent on international trade, is least affected compared to other countries.

However, it is true that Sweden's economy has declined in the Corona crisis, but there is still no recession in Sweden. So it can be said that Sweden, which relied heavily on foreign trade, maintained its economy more than other countries even in the Corona crisis, while exports from Sweden were significantly affected due to reduced demand due to the lockdown in other countries.