Global economic experts were really surprised by the news that Sweden managed to return its economy to pre-crisis levels. Notably, Sweden was the first among the countries that refused to impose restrictive measures to curb the coronavirus spread.
Recently, the country reported on a rise in exports and domestic consumption. As a result, in the last three months, Sweden’s GDP advanced, shocking most economists.
According to analysts at Swedbank, one of the largest financial organizations in the country, the economy got back on track earlier than expected. A well-established system of payments to the population and the development of the technological sector are the main reasons for such a success. A rapid expansion of the technological sector allowed the Swedes to switch to remote work in the shortest possible time.
During the Covid-19 pandemic, Sweden was the only European country and one of a few countries in the world that decided not to implement lockdown measures. The country’s authorities and representatives of the medical sphere expected a formation of collective immunity. A bit later, Sweden imposed some restrictions in order to prevent the economic collapse.