Sweden’s Recession Seen Lasting Longer With Households Pressured

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Sweden’s economy is facing two years of recession — more than previously thought — as rising costs force consumers to continue paring back spending into next year, according to economists at one of the country’s biggest lenders.

In 2023, calendar-adjusted gross domestic product is likely to shrink by 0.9%, Swedbank AB said in a reportBloomberg Terminal published Thursday. While that is a slightly milder contraction than previously seen, the bank now expects a GDP decline of 0.3% in 2024, having previously forecast 0.3% growth.

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