Sweden’s finance minister says it was never the government’s intention to adopt a relaxed COVID-19 strategy in order to protect the economy.
Speaking in an interview in Stockholm, Finance Minister Magdalena Andersson said, “We haven’t taken economic considerations when we have decided on the Swedish strategy.”
Sweden’s softer lockdown has resulted in one of the world’s highest death rates, relative to the population.
At the same time, Andersson said in May that her country was facing a “very deep economic crisis,” with GDP set to sink about about 7 per cent, despite the softer lockdown.
The decisions taken in Sweden have fed into a global debate over the economic consequences of shuttering a society to fight a pandemic.
Some analysts have argued that Sweden’s economy is likely to fare better, while others suggest the opposite is true. The data so far have been mixed.
Andersson said her recent prediction that Sweden is now facing its worst recession since World War II still holds. But she also said there are “quite a few indications of an upturn, from a very low level,” and “consumption has dropped less in Sweden than in other countries.”
Even so, Sweden’s recession is likely to be roughly as bad as that in the European Union, which estimates an average GDP decline of 7.4 per cent this year.
“Uncertainty remains high and unemployment is likely to continue increasing,” Andersson said.
Sweden’s COVID-19 strategy has also plunged the country into a political crisis.
Last week, the chief epidemiologist admitted he’d made mistakes and that he’d probably have advised a somewhat broader lockdown with the benefit of hindsight. But he and Prime Minister Stefan Lofven have both pledged to stick with the current strategy.
A poll last week showed that Swedes’ confidence in their government’s handling of the crisis has plunged by almost 20 percentage points to less than half the population.
Key members of the opposition in parliament have started demanding consequences, and accused Lofven of mishandling the situation.
For now, Swedish authorities are hoping that their strategy, which is designed to be more sustainable than sudden and severe lockdowns, will bear fruit in the long run.
“We have listened to our experts and their assessment of what is the most effective long term to curb the pandemic,” Andersson said.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
