Sweden’s center-left government has announced that its spring mini-budget will increase spending by 35 billion kronor ($ 3.64 billion) as it seeks to address the impact of the war in Ukraine, rising inflation and the effects of the pandemic. .
The economy has recovered rapidly from the pandemic and, despite Russia’s invasion of Ukraine, is expected to remain relatively strong.
However, rising inflation has led the government to impose measures to mitigate the effects of higher energy and fuel prices on consumers, and it has also promised a rapid increase in defense spending.
“We are now in a new state of war in an area close to us,” said Social Democrat Finance Minister Mikael Damberg.
“We have a better position than many other European countries. But we are still affected. We expect growth in Sweden to be a little lower, at the same time as inflation is higher.”
Military spending will increase to 2% of GDP over time, and is already up 2.8 billion kronor this year.
Sweden is not a member of the NATO Alliance but the government is reviewing its political security following the Russian invasion of Ukraine.
The budget also saves 9.8 billion kroner to help Ukrainian refugees fleeing war in Sweden and 8 billion kronor to pandemic measures, including funding for the fourth tranche of the population. of 10 million.
Source: Capital
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