Economy of Sweden

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The Economy of Sweden

Sweden is located on the Scandinavian
Peninsula.
The size of the area is 447435 square kilometers.
The capital is Stockholm.
The Prime Minster is Magdalena Andersson
Sweden shares borders with Norway, Finland and Denmark. A peaks Scandinavian mountain in the west separates Sweden from Norway. It washed by the waters of the Gulf of Bothnia and the Baltic Sea. The lake occupied by about 10 % of land area. There are Vanern (5545 square kilometric) and Vattern (1898 square kilometric) the largest. Calix, Elva, Elva-Shellefte, Mind, Elva, and Torne is the main rivers.
Sweden - a country of moderate climate, despite the location in the northern latitudes. Sub-arctic climate dominated by in the northern mountainous areas. Part of it lies above the Arctic Circle where the sun never sets during the night in the summer and winter polar night occurs.

Geographical feature of the country - this is a great elongation from north to south, which leads to separation of the economic zone and the non-uniform population density. The population of Sweden at the end of 2021 was approximately 10,400,000 people. It is concentrated mostly in the southern half of the country and in coastal areas with more temperate climates.
Swedish Krona (SEK) the national currency of Sweden. In circulation are banknotes in denominations of 1,000, 500, 100, 50, 20 and 10 crowns. Swedish Krona was introduced as a currency instead of riksdaler in 1873.
currency rate of SEK:
1 SEK= 1186,29 UZB sum

In the early twentieth century
from a backward country, Sweden has become one of the most economically developed states.
In the 1970s, at a cost of industrial production per capita in Sweden was in first place in Europe. The transformation from a backward agrarian economy into an advanced industrial facilitated by the existence of large reserves of important natural resources: iron ore, timber, and hydropower.
The expansion of Swedish exports contributed to the country's industrialization and growth of urban population. This led to the development of the railway network and construction. On the basis of Swedish inventions created and rapidly growing new companies in the metallurgy and mechanical engineering.

Numbers of serious problems have arisen in the country's industry in 1973. This was the result of a very deep and prolonged global crisis of the mid 70s.
International competition increased. On the world market come from the country's low labor costs. To avoid too rapid structural changes in the industry and the rapid growth of unemployment, the government since the mid 70s to early 80s has provided significant amounts of assistance to affected industries. In order to restore the competitiveness of the government implemented a series of devaluations since August 1977. The favorable global market conditions had a positive impact on the Swedish industry.

The leading trend in the economic development of Sweden in the 1980s was the shift from the traditional dependence on iron ore and steel industry to the advanced technology in the manufacture of transport, electrical, communications, chemical and pharmaceutical products.
Sweden followed a policy of non-participation in war and neutrality throughout the XX century. Thanks to Sweden has a high standard of living in a capitalist economic system. This system is based on the use of high technology and a comprehensive social security system.
The country has a modern infrastructure, excellent internal and external communications, and skilled labor force. The main economic resources are timber, hydropower, and iron ore. The economy is focused primarily on foreign trade.

Sweden’s economic freedom score is 77.9, making its economy the 11th freest in the 2022 Index. Sweden is ranked 8th among 45 countries in the Europe region, and its overall score is above the regional and world averages.
Sweden’s economy has followed a familiar global pattern in the past five years, slowing from 2017 through 2019, contracting in 2020, and recovering in 2021. During that time, economic freedom has fluctuated mildly but at a high level. With increases in scores for rule of law and labor freedom overriding declining scores for business freedom and trade freedom, Sweden has recorded a 3.0-point overall gain in economic freedom since 2017 and has climbed to the top half of the “Mostly Free” category. To make it over the threshold into the top, “Free” category, additional improvements would be needed to control the tax burden and government spending.

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