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Political Economy

Sweden is very close to recession: Nordea

Tuesday, 04 December 2012
Nordea is in a depressed mode when it loos at the Swedish economy. The Nordic countries biggest bank believe that it will take until mid -2013 before the Swedish economy recovery gain traction and growth gradually begin to return.

In a study by Nordea's economists, growth this year is calculated according to an updated forecast to stay at 0.8 percent, while the unemployment rate will stay at 7.7 percent. For 2013, Nordea feels that growth could touch 0.8 percent and an unemployment rate of 8.4 percent.

The higher unemployment rate, at 8.4 percent, is expected to become entrenched even in 2014 despite growth, which is estimated at 2.4 percent.
Nordea's economists expect the krona to remains at around Skr8.60 for a euro in the coming years.

"We believe that the Swedish export companies can handle this, but it requires structural changes in the economy," writes Nordea chief economist Annika Winsth a comment.
By scancomark.com

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