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Anders Borg on the Economic Coronavirus Crisis

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Anders Borg on the Economic Coronavirus Crisis

On 16 April 2020, former Swedish Minister of Finance Anders Borg talked with Jesper Brandt, Managing Partner of King Street Sweden, about the economic effects of the coronavirus crisis. See the webinar below in Swedish.

Five key takeaways:

It’s not possible to compare this crisis with any other financial crisis we’ve experienced before. Social distancing has led to a 25% drop in general consumption. The public debt will probably increase from 35% to 60%.
The first part of the crisis has been financially well supported by the Swedish government. Sweden has so far utilized 2% of BNP, but a lot more can and needs to be done.
With an estimated increase of unemployment of approximately 0.5% per month in Sweden, larger financial measures need to be taken in order to meet the challenges that come with dramatically increased unemployment.
The political landscape and reality will change drastically in autumn. Political actors may need to set aside and re-examine ideological positions to focus on managing the Swedish economy.
However, the Nordic countries, with their strong public and private institutions and highly educated populations, are likely to manage the crisis relatively well.