Sweden fares badly in global economic report

Swedish citizens have fared badly compared to other developed nations during the deepest depression since the 1930s.

The prognosis comes from the Organization for Economic Cooperation and Development (OECD). It is regarded as one of the world’s largest and most comprehensive sources of economic data.

Sweden together with Finland falls at the bottom of their table, excepting even more troubled Western economies–such as Iceland and Ireland. The report stated that living standards in Sweden were 11 percent higher in 2007 than the overall OECD standard, falling to 7 percent last year, Sveriges Radio reports.

Countries such as the US, Australia, and Canada pulled ahead, said the OECD. The organization noted that Sweden remains a well-off nation.

Their report is based on a very particular measurement – purchasing power parities in relationship to Gross National Product (GNP). Price levels have also been taken into account. There are, of course, other measurements for gauging citizen prosperity, it is noted.

In a report three months earlier, the OECD stated that “the Swedish economy has experienced a deep contraction, triggered by the global economic crisis. A gradual recovery has started, but economic slack is very large, and unemployment will continue for some time.”

On Friday the Swedish krona moved negatively against the euro and US dollar, and according to Swedish analysts in response to economic crises in the euro currency countries of Greece, Portugal and Spain. The krona stood at 10.2 kronor against 1 euro, and 7.4 for 1 US dollar. Sweden is a member of the European Community (EU) but has not adopted the euro as its currency.

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