Sweden

Sweden

Economics, Culture and Government

Strengths

Weaknesses

• Openness and liberal approach to trade and business
• Well educated labour force
• Outstanding communication infrastructure
• Stable political government

• Weak krona
• High inflation
• High labour costs
• Persistence housing shortages
• High cost of livinng

Background Info

World Relations

Sweden believes best national security is staying out of military alliances and staying neutral

Part of United Nations, The World Bank, WTO, NATO

Most Common Trading partners are Germany, Denmark, Norway, United States and Finland

POP: 10.6m people

Area: 450,295kmsq

Literacy Rate: 99%

Unemployment rate: 9.2%

Language: Swedish

Breif History

Economics

Vikings (800-1050 AD)

Sweden Becomes it's own kingdom (1000 AD)

Kalmar Union (1397)

Seven Year War (1756-1763)

Sweden joins EU (1995)

GDP: $591.2B USD

Currency: Swedish Krona

Tax Rate: 33%

Type of Government: Mixed economy with a mix of social democracy and privately owned sectors and key characteristics include:

- large, privately owned industrial sector,

- large public sector financed by taxes,

- large trade union movement,

Sweden is ranked amongst most competitive and corruption-free economies in the world and has been an export-oriented economy

Most Exported Items: Petroleum, electricity, cars, pharmaceuticals, and sawn wood

Sweden and Canada

Canada and Sweden have an agreement called, The International Experience Canada Program, which allows young Canadians to live and work for a time in Sweden

Canada exported $793.8 million and imported $2.9 billion worth of goods

Challenges: High living cost, high tax rates, complex labour laws

Culture

Government

- Sweden is a very egalitarian society (they believe in equal rights and opportunities for everyone)

- Respect for the environment, equality and individualism

- It is common to have “Fredagsmys” or cozy Fridays, where people hang out with their families

- Cultural foods include: Kottbullar, Kroppkakor, Raggmuck and many more

- Midsommar: Celebration of the summer solstice as

well as life and love

Limited constitutional monarchy with a parliamentary system

Riksdag (parliment) has 349 members, serves 4-year terms, made of upper and lower house

- makes laws

- determines central national government budget

- works with EU matters

- helps shape foreign policy

Culture in Buisness

- Two weeks notice for any buisness

- Business card are exchanged

- Straight to business with no small talk

- Meetings are managed by one person, but everyone expected of contribute

- Decisions are made by consensus

- Be detailed

- Being punctual is very important

- Treat women the same as men

- Avoid meetins in June July, August, late Febuary and early March as that is when many Swedes go on holiday

- There is a costum called Fika (light refreshments/converstation), it's very common in business as coffe breaks serve as informal staff meetings

Stems from tribal courts where they would elect kings during the viking era

and became permanent institution in the 15th century

Roles of Government

- Obligated to maintain human rights

- Maintain control over public spending

- The Swedish Fiscal Policy Council (2007): audits the government’s policy decisions regarding public finances and aims to ensure that these remain consistent with the goals of growth, employment and long-term financial sustainability