Sweden has made some big changes to its economy after COVID-19. The focus has been on bouncing back and becoming stronger in different areas. In 2020, the economy faced a decline of about 2.8%, but things improved in 2021 with a growth of around 4.5% as lockdowns ended and people started spending again.

Main Parts of the Economy

1. Manufacturing and Industry

   • Manufacturing is really important for Sweden. It makes up about 18% of the country’s economy.
   • The car industry, especially companies like Volvo and Scania, has been using new ways of making things and eco-friendly technologies to keep up with changes in the market.

2. Service Sector

   • The service sector is huge, making up about 70% of Sweden’s economy. There has been a big rise in online services since the pandemic.
   • Online shopping took off, with sales growing by 34% in 2020. This made businesses work harder on improving their websites and online services.

3. Public Sector

   • The government rolled out support packages worth about 300 billion SEK to help businesses and workers.
   • They also focused on increasing spending in healthcare and public services to be better prepared for future health crises.

Focus on Sustainability

Sweden is putting a lot of effort into being eco-friendly as part of its recovery:

• The government wants to have a carbon-neutral economy by 2045, using green technology in many industries.
• There has been a lot of money going into renewable energy, helping cut greenhouse gas emissions by 54% since 1990.

Changes in the Job Market

• Unemployment went up to 9.0% at the worst point of the pandemic but has now come down to about 7.5% as businesses reopened and adapted.
• More companies are allowing workers to work from home and have flexible hours, changing how people work together.

With these efforts, Sweden has not only adjusted its economy after COVID-19 but also set the stage for a stronger and more sustainable future.