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UNEMPLOYMENT / DEC. 27, 2012
version 21, draft 21

Increased reform scope to focus on investment in more jobs

Press release

24 August 2012

The Swedish economy is showing resilience. The country's public finances are among the strongest in Europe, which provides scope for boosting investment to create more jobs in growing enterprises, while policies aimed at reducing exclusion and creating more paths into jobs for people who are far removed from the labour market will continue.

"Sweden has successfully defended and strengthened its strong position, and despite several years of international instability we have a reform scope that can be focused on investments to get more people into work," said Minister for Finance Anders Borg at a press conference at Harpsund Manor House on Friday, during which he presented the Ministry of Finance August forecast.

Instability and turbulence in Europe is weakening international demand, which has subdued growth in Sweden in 2012. The Swedish labour market will be weak during the rest of 2012, but will then gradually improve. The combination of fragile banking systems and vulnerable state finances in many parts of Europe means that the risk of poorer development still dominates. There is therefore a continued need for safety margins to meet a possible deepening of the crisis.

Thanks to good order in the public finances and a resilient Swedish economy, the scope for reform is assessed to have increased. This paves the way for increasing investments while ensuring that adequate safety margins are in place to handle the risk of a deeper European debt crisis. The focus of economic policy is to counteract the impact of the crisis on jobs and welfare, while Sweden's long-term growth capacity continues to be strengthened and more people enter the labour market. In the 2013 Budget Bill, the Government will propose investment in infrastructure, research and an improved investment climate to provide jobs, growth and increased prosperity. The 2013 Budget Bill will also contain Government initiatives to create more paths into work for young people.

"Growth markets in other parts of the world will play an increasingly important role for Swedish jobs. To equip Sweden for even tougher international competition, the Government will focus on infrastructure and research, as well as measures to improve the Swedish investment climate. Thanks to our responsible policies, we can focus on better growth conditions for more jobs in growing enterprises," says Minister for Finance Anders Borg.

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