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• Sweden hikes interest rate as economy booms
The Washington Post wrote that Sweden has accomplished what the United States, Britain and Japan can only dream of: Growing rapidly, creating jobs and gaining a competitive edge.
At a time when many European countries find themselves in crisis, Sweden, which was hard-hit by the global financial downturn, has recently seen its economy boom.
Sweden’s 5.5 percent growth rate last year was stronger than any other developed nation in Europe and beat the 2.8 percent expansion in the United States.
“Almost every developed nation in the world was walloped by the financial crisis, their economies paralyzed, their prospects for the future muddied.
“And then there’s Sweden, the rock star of the recovery”, the newspaper wrote.
Sweden’s five lessons for a crisis-stricken nation:
1. Keep your fiscal house in order when times are good, so you will have more room to maneuver when things are bad.
2. Fiscal stimulus can be more effective when it is automatic.
3. Use monetary policy aggressively
4. Keep the value of your currency flexible.
5. Bankers will always make blunders; just make sure they don’t doom the economy.
Find full article in The Washington Post here.
Last Updated (Tuesday, 05 July 2011 11:40)