Sweden cuts 2024 growth estimate, sees downturn until 2025
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THE Swedish government on Thursday (Dec 21) lowered its economic growth forecast for 2024 and said an ongoing downturn was likely to drag on until a rebound in 2025.
The government predicted GDP would rise by 0.6 per cent in 2024, down from a previous expectation of a 1 per cent rise, while contracting 0.5 per cent this year, up from a 0.8 per cent decline seen previously.
“The economic situation is weakening and the Swedish economy is judged to be in a downturn that will last until 2025,” Finance Minister Elisabeth Svantesson said in a statement.
In 2025 GDP is expected to grow by 2.7 per cent, the government said.
The government forecast headline inflation of 6.1 per cent this year and 2.7 per cent in 2024 against 6 per cent and 2.7 per cent, respectively, seen in September. REUTERS
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