Provided that the vaccination goes as it should and the infection decreases in society, the growth will rise in line with imposed restrictions, says the Minister of Finance Magdalena Andersson during a press conference on Monday.
- Growth is expected to pick up speed in the autumn.
We estimate that by the end of this year we will be back to the GDP level we had before the crisis.
However, the economy will still be in a recession throughout 2021, according to the forecast.
Reduced unemployment
Next year, especially in the second half of the year, unemployment will fall sharply.
The labor market is expected to be stronger, with less unemployment than assessed in December.
Unemployment is forecast to fall to 7.9 percent next year, from the projected 8.7 percent this year.
The employment rate increased slightly at the end of last year, although it is still at lower levels than before the crisis.
Coped with the pandemic relatively well
400 billion in tax money has been spent on supporting the economy and jobs during the pandemic.
And it has paid off in several ways, says Magdalena Andersson:
- The resilience of our economy is impressive, not least in industry.
On the other hand, the hotel and hospitality industry has been hit hard.
If the situation requires it, additional crisis packages will be introduced by the state.