SWEDEN : Sweden was unable to escape its worst economic contraction ever despite adopting one of Europe’s softest approaches to the Covid-19 pandemic.Gross domestic product fell 8.6% in the second quarter, more than economists had forecast.
But while that’s a record slump, it’s less severe than the slumps seen elsewhere in Europe. Spain, France and Italy all shrank by double digits, and even Germany contracted 10%.Sweden’s GDP fell 8.2% when compared to the same quarter of last year, according to a first estimate from Statistics Sweden.Unlike its neighbors, Sweden refrained from imposing a mandatory lockdown, relying instead on voluntary public health guidelines.