Economic Environment of Sweden - 778 Words

Every country has its own Economic environment which can be affected by any number of compounding factors. A Courtiers region, natural resources, government, and even its predisposition to war can shape its Economy. In this paper, we look at how these factors can play a major role in creating Economic prosperity in a country. The Kingdome of Sweden or as it’s commonly known, Sweden, Is as Scandinavian Country located in the upper most part of Europe. It is populated by 9.5 million people. Sweden boasts of some of the highest living standards in the world. Ranked seventh in the world in highest per capita income it has set its high standards as one of the most affluent country not only in Europe but across the world. In the Early 1990’s Sweden sustained an economic depression like many other countries around the world. The country’s GDP dropped by five percent as unemployment rates dropped 10 percent, reaching an all-time high. The national government took control of the situation by cutting social benefits down. Sweden reduced its taxes along with cutting pensions, allowances, and unemployment benefits. These actions commonly referred to as â€Å"The Swedish Model† lead Sweden out of a depression and into an extended period of economic prosperity. The government of Sweden took steps to prevent another economic catastrophe like the one they sustained in 1993. They set new guidelines such as a spending ceiling and moving to a Central Banking system. 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