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Unemployment falls, Borg says 5% possible

Published torsdag 3 februari 2011 kl 12.07
Swedish Finance Minister Anders Borg. Photo: Fredrik Sandberg/SCANPIX

Swedish employment figures continue to improve, and Finance Minister Anders Borg predicts continued gains.

Unemployment now stands at 7.8 percent, down from just under 9 percent a year ago. The gains put Sweden in a tie with tiny Malta among EU nations ranked according to their ability to put people back to work following the global recession that began in 2007.

Commenting on the fresh numbers, Borg presented an optimistic future prognosis, and even took a bit of a political risk by suggesting that 5 percent unemployment  is a realistic goal before the current government’s term in office ends in 2014. Earlier Social Democratic governments were sharply criticized for failing to meet their own stated employment targets.

Borg noted that youth unemployment remains stubbornly high, and said the government would focus on training and education to bring more young people into the workforce.

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