Economy

Sweden’s Deficit Criticized

The European Commission has criticized Sweden and several other EU member states for too high budget deficits and partly unrealistic fiscal plans to curb the effects of the economic crisis.

In a statement issued on Wednesday, the European Commission expressed doubts over the credibility of the budget plans of top euro zone economies Germany, France, Italy and Spain, as well as euro-outsider Britain.

These nations have based long-term goals to cut their budget deficits on optimistic economic growth assumptions, which could mean they miss the targets, the European Commission said. Major problems concerning the Swedish economy are a rather high state deficit and the worrying tendencies at the Swedish labour market. High unemployment rates and a reduced number of jobs are likely to cause trouble for Sweden’s economy, the Commission pointed out.

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