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GROWTH FORECAST

Borg to spend big on reforms

Published fredag 24 augusti 2012 kl 16.41
Finance Minister Anders Borg.Photo: Henrik Montgomery/Scanpix

Finance Minister Anders Borg has presented his growth forecast for next year and 2014. At a press conference in Harpsund, the finance minister also promised $ 23 billion dollars of reforms next year. The money will go to include investment in infrastructure.

Political commentator Pontus Mattsson at Swedish Radio News says that the investment is bigger than many economic observers predicted. They predicted a figure of around $15 billion dollars.

In addition to infrastructure, money will be pumped into research and tax cuts for businesses.

The government estimates that the Swedish economy will grow by 1.6 percent this year and 2.7 percent next year. For 2014, GDP is expected to grow by 3.7 percent and by 3.5 percent in 2015. It is better than forecast in July, when the government predicted a GDP growth of 1.1 percent this year and 3.0 percent next year.

Unemployment is expected to land this year at 7.6 per cent before dropping to 7.5 percent next year.

"The message is that we have clearly continued problems in Europe. Meanwhile, the resilience of the Swedish economy is stronger than we thought. Last year was marked instability but now we believe that we can put a budget proposal that is characterized by aggressive investments," Borg said.

The finance minister believes that the economy in Europe will stand still for some time to come.

"We do not expect a strong recovery in exports and investment."

The Confederation of Swedish Enterprise's chief economist Stefan Fölster reacted to the reform package to news agency TT.

"The government should proceed with future-oriented reforms that will strengthen Sweden and Swedish companies' competitiveness. The announced investments in research and infrastructure is a step in the right direction. Action is also needed to improve labour market matching."

Our journalism is based on credibility and impartiality. Swedish Radio is independent and not affiliated to any political, religious, financial, public or private interests.
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