Sweden: According to official data made available on Monday, Sweden's economy will contract more in 2023 than had been anticipated.

In contrast to the 0.7% contraction predicted by the Finance Ministry in December, the GDP is now expected to decline by 1%. 

The largest economy in the Nordic region's unemployment rate is anticipated to increase this year to 7.9%.

Also Read: Fuel for the Global Economy blinking the Financial Crisis Warnings

Finance Minister Elisabeth Svantesson said, "We are in a very challenging economic environment. “

Since so many people are having financial difficulties, it is crucial that the government fight inflation and assist those who are going through the worst situations. 

Also Read:  Hedge funds profiting greatly from the unrest in Ukraine

At the end of 2022, the Swedish government declared that the nation had entered a recession that would last until 2025.

According to economists, Sweden is currently experiencing one of the worst economic downturns in its recent history, with inflation at a 30-year high and the central bank continuing to raise interest rates.

A decrease in investment in new homes has been brought on by the country's biggest drop in housing prices in three decades.

Also Read:  India-US trade rose by 8% in 2022-23, fell 1.5% with China

According to the most recent data, Sweden's bankruptcies increased for the seventh consecutive month in February as a result of declining household consumption and mounting pressure from a tight housing market on construction companies.