Sweden didn't lock down, but economy to plunge anyway

STOCKHOLM: 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.

The idea was to make sure hospitals could keep pace with the outbreak and protect the elderly and at-risk groups. Still, authorities acknowledge that keeping businesses open was also part of a broader public health consideration, as high unemployment and a weak economy typically lead to poorer public health.That gives it one of the world's highest virus mortality rates, with 459.3 deaths per million inhabitants - four times more than neighbouring Denmark and 10 times more than Norway, which both imposed stricter confinement measures.

While the European Commission has forecast a Swedish contraction of 6.1 per cent , the outlook presented by the Swedish central bank is even more dire - it anticipates a GDP decline of up to 10 per cent. Now, the government expects a jobless rate of nine percent for 2020 and 2021, compared to 6.8 per cent in 2019.Sweden's sharp downturn is largely explained by its dependence on exports, which account for around 50 per cent of GDP.

This was not because of local restrictions, but because of problems with supply chains in Europe and the rest of the world. Their activities have since resumed.

Misleading headline. It will decline slower than the rest. Same for Korea and Japan that avoided it

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