The chief economist: "What we see ahead of us is a cost shock"

- It is not a 1990s crisis.

It is not a global financial crisis.

But there are elements here that are different and that make it feel real for the households, says Swedbank's chief economist Mattias Persson.

The reason, according to Persson, is the very high inflation.

The growth forecast is lowered

For 2022, the growth forecast is lowered to 2.2 percent, against the previous 2.8 percent, and for next year, according to Swedbank's economists, there will be hardly any growth at all: 0.2 percent.

This can be compared with an earlier calculation of 2.1 percent.

The pandemic setback of 2020, the euro crisis and the global financial crisis of 2008-2009 produced considerably larger GDP setbacks.

- There are more people who will feel this cooling down and stagnation.

It hits many more households, straight into the wallets, via inflation and via higher interest expenses, he adds.