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Swedish finance minister predicts gradual economic recovery

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(GlobalPost/GlobalPost)

STOCKHOLM, July 4 (Xinhua) -- Swedish Finance Minister Anders Borg said Friday he expects Sweden's economy to continue gradually recovering, with economic growth anticipated at 2.5 percent this year.

Borg was speaking on the Swedish island of Gotland at the end of a traditional week of political meetings held every year at the beginning of July.

He said he expects 3.1 percent growth in 2015. Borg said growth in both years will largely be due to household consumption, and increased investment in new housing and infrastructure will also contribute to economic growth in Sweden.

But he warned that Eurozone growth is still "weak and uneven," which could slow down recovery. Sweden is not a member of the Eurozone.

Borg predicted that Swedish unemployment will fall very slightly in 2014, from 8 percent in 2013 to 7.9 percent this year and to 7.5 percent in 2015.

He said that Sweden had gotten through the most recent economic crisis "reasonably well." He characterized the latest crisis as being the worst since the 1930s.

"Weak development in the world is affecting us, but we are stronger than many other countries," Borg said.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140704/swedish-finance-minister-predicts-gradual-economic-recovery