NEWS Sweden’s Finance Minister Anders Borg visited Umeå University and held a lecture titled “Sweden and the economic crisis” before a standing-room audience at Aula Nordica auditorium on Tuesday 2 March.
Anders Borg (Moderate Party) was invited by the Department of Economics and spoke for about one hour. Aula Nordica was mainly filled with students, along with university staff members and representatives from the media.
Minister Borg explained how things have gone for Sweden during the global economic crisis, and what the government has done to manage the crisis and strengthen its economy. He also discussed future financial prospects in addition to what actions are needed to aid the future recovery of the economic and social systems.
He mentioned that the Ministry of Finance has raised its forecast and now expects finances to be in balance in 2012 and turn into a surplus in 2013. In addition, household disposable income rose 4.4% in 2009 compared with 2008, and consumption increased during the later period of 2009 for the first time since the outbreak of the financial turbulence in 2008.
On the other hand, Sweden’s gross national product (GDP) dropped by 4.9 % in 2009, the government deficit is rising and unemployment is expected to hover around 10%.
After the conclusion of the lecture, the audience was given the opportunity to ask questions directly to the finance minister about a variety of financial topics including student financial aid, wind power and jobs.
Later during the day, Minister Borg made a visit to the internationally renowned Umeå Institute of Design where he was given a tour of the facilities and met students and staff. He emphasised that Sweden needs talented industrial designers in order to be competitive in selling cars and mobile phones.
Photo: Pawel Plato
Editor: David Meyers