In Effect Sweden’s Economy Is Also Closed
In Effect Sweden’s Economy Is Also Closed
Paul Craig Roberts
We have been subjected to much nonsensical disinformation that Sweden has kept its economy open and is faring no worse in infections than countries with closed economies and without the economic consequences of closedowned economies. The fact of the matter is that de facto Sweden’s economy is closed and is doing no better than anyone’s elses, and its infection rate is still rising.
Sweden closed universities and high schools, banned gatherings of large groups, asked people to avoid non-essential travel, and advised those ill and over 70 to stay at home. Sweden did not require restaurants, bars, and gyms to close, but business is down by 70% as people have avoided the risk. That decline could be larger than in the US where restaurants are permitted to provide takeouts. In Sweden the hotel occupancy rate has dropped from 60% to 10%. Sweden’s economy is “open” only in words.
Despite the alleged “open economy,” economic sentiment indicators fell more in Sweden than in the rest of Europe and the US. The Swedish Riksbank estimates a 11% drop in Swedish GDP from January to April with a number of Swedish economic sectors being “drastically weaker.” This is worse than the 9% predicted for the US.
Moreover, closed down Norway, with which Sweden is usually compared, has seen its virus infection rate decline while “open” Sweden’s continues to rise.
This information comes from the Bank of America’s Global Research. You can read it here
Prepare to be surprised that the reopening of the US economy based on the “Swedish experience” results in the spread of Covid-19 into prevously uninfected areas of the United States.
As I have stressed, reopening requires preparation that has not occurred.
The post In Effect Sweden’s Economy Is Also Closed appeared first on PaulCraigRoberts.org.
Leave a Reply