People in Sweden are feeling the effects of high inflation and tumbling house prices.
JONATHAN NACKSTRAND / Contributor / Getty Images
The Swedish government is now predicting a deeper than expected GDP contraction in 2023, according to data released Monday, worsening an already gloomy outlook for the country’s economy.
Sweden’s Ministry of Finance estimated in December that GDP would shrink by 0.7%, but it now predicts a 1% downturn as it reassesses the “challenging economic environment.”
“We face major challenges, but we will get through them together,” Sweden’s Minister for Finance, Elisabeth Svantesson, said in a press release Monday.
“Many people are struggling to make ends meet, so it…