North star
Unlike much of the rest of Europe, Sweden is roaring ahead
ANNUAL growth as high as 6.4% in the first quarter. Unemployment falling fast. The budget in surplus this year. Public debt heading to below 40% of GDP. How did the Swedes do it?
Luck, partly. Like Germany, Sweden is a big manufacturing exporter. In both countries GDP rebounded in 2010 after a sharp fall in 2009. Being outside the euro helped, because the krona fell before climbing back. But the main answer is the prudent pro-market policies of Fredrik Reinfeldt's four-party centre-right coalition, which came to power in October 2006.
This article appeared in the Europe section of the print edition under the headline "North star"
From the June 11th 2011 edition
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