Sweden’s economy has been fairly stable in recent decades and has generally continued to grow since 1970. Today, it has a strong banking system. But it was not always so.

In the late 1980s and early 1990s, Sweden’s economy suffered from low growth and high inflation, and the national currency, the Swedish krona, repeatedly depreciated. During a severe financial crisis in the early 1990s, the stability of Sweden’s banks was shaken, two were nationalized, unemployment rose sharply, and public spending and public debt increased.

The return to stability has not been easy. But by implementing reforms – and staying committed to them – Sweden has transformed its economy, paving the way for sustainable growth in the face of global economic uncertainty.