The industry association Teknikföretagen brings together 4,500 member companies, which collectively account for one-third of Swedish exports, nearly 40 percent of market capitalization, and over one million jobs. In a press release, the organization’s chief economist, Erik Spector, expressed great disappointment with the government’s recently presented spring budget.
“Unfortunately, this is a budget that continues to take a short-term view. Fiscal policy should focus on structural reforms that build Sweden’s long-term strength, not on temporary stimulus measures for households,” says Erik Spector, adding:
– What we need right now, to address competition and uncertainty in the world around us, are bold, long-term reforms in infrastructure, the skills supply, and energy. There’s a gaping void in these areas, and Swedish companies—not least in the technology industry—will feel the impact. Sooner or later, the large deficit in public finances must be balanced. To avoid ending up in a situation where we have to raise taxes or scale back public spending, the focus now must be on creating growth in the Swedish economy—and growth is created by businesses,” Spector concludes.
