{
  "title": "Sweden: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Sweden",
  "publication": "IMF Staff Country Reports, April 1, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/04/01/sweden-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-565801",
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  "summary": "The 2025 Article IV Consultation with Sweden discusses that with inflation successfully brought under control, adopting a more supportive macroeconomic monetary and fiscal policy mix and the focus on productivity are appropriate.",
  "sections": [
    {
      "heading": "Key findings and assessment",
      "content": "- Inflation has been successfully brought under control; inflation is expected to remain anchored around the target.\n- Sweden’s economy is described as robust and resilient and well positioned to face a more challenging environment.\n- High uncertainty and a more challenging external backdrop are poised to test Sweden’s export-oriented economy.\n- Slowing productivity growth and an aging population weigh on long-term growth.\n- Macroprudential policy settings are appropriate and should be kept until systemic risks meaningfully subside."
    },
    {
      "heading": "Monetary policy",
      "content": "- The current neutral monetary policy stance is appropriate given double-sided risks to inflation.\n- Downside risks to inflation from a weaker recovery are offset by upside risks from global shocks."
    },
    {
      "heading": "Fiscal policy and stabilization",
      "content": "- A moderately expansionary fiscal stance is appropriate.\n- If downside risks materialize:\n  - Automatic stabilizers should be allowed to fully operate.\n  - There is scope for targeted support."
    },
    {
      "heading": "Financial sector and macroprudential recommendations",
      "content": "- Macroprudential policy settings should be maintained until systemic risks meaningfully subside.\n- Financial sector policy and financial sector stability remain central considerations given Sweden’s export orientation and external risks."
    },
    {
      "heading": "Productivity and structural policies",
      "content": "- Reviving higher productivity growth will require actions on multiple fronts.\n- Emphasis on policies to boost productivity is appropriate given the drag from slowing productivity growth and an aging population."
    },
    {
      "heading": "Risks and scenarios",
      "content": "- Principal downside risk: a weaker global recovery that could drag on Sweden’s export-oriented economy and inflation.\n- Principal upside risk: global shocks that could push inflation above target.\n- Policy stance emphasizes flexibility: neutral monetary policy with a moderately expansionary fiscal stance and preserved macroprudential buffers.\n\nSource: Sweden: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Sweden (IMF).\n\n---\n\n Content in this bundle\n\n- 1sweea2025001-print-pdf\n  - 1sweea2025001-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1sweea2025001-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 1, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229007566.002",
    "Sweden’s economy is described as robust and resilient and well positioned to face a more challenging environment.",
    "High uncertainty and a more challenging external backdrop are poised to test Sweden’s export-oriented economy.",
    "Slowing productivity growth and an aging population weigh on long-term growth.",
    "The current neutral monetary policy stance is appropriate given double-sided risks to inflation.",
    "Downside risks to inflation from a weaker recovery are offset by upside risks from global shocks.",
    "A moderately expansionary fiscal stance is appropriate.",
    "If downside risks materialize:",
    "Financial sector policy and financial sector stability remain central considerations given Sweden’s export orientation and external risks.",
    "Reviving higher productivity growth will require actions on multiple fronts.",
    "Emphasis on policies to boost productivity is appropriate given the drag from slowing productivity growth and an aging population.",
    "Principal downside risk: a weaker global recovery that could drag on Sweden’s export-oriented economy and inflation.",
    "Principal upside risk: global shocks that could push inflation above target.",
    "Policy stance emphasizes flexibility: neutral monetary policy with a moderately expansionary fiscal stance and preserved macroprudential buffers.",
    "**1sweea2025001-print-pdf**"
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