Sweden's economy to suffer 'record decline' despite avoiding lockdown amid COVID-19 crisis

Amid crisis posed by an unprecedented outbreak of deadly coronavirus, while most countries chose to impose lockdowns to curb the drastic spread of COVID-19, Sweden did not take the same road. However, even though it avoided lockdown unlike other nations, its economy appears to be severely impacted similarly to the countries that shut their businesses for several months. According to reports, Scandinavian country’s less-popular approach towards the global health crisis involving bars, restaurants among other businesses to be functional, SEB bank economist Olle Holmgren has said that there will be a” record decline in Swedish economy” in the second quarter of 2020.

Read - Sweden: Tension Between Police And Protesters Boil Over

As the economy was predicted to rebound in the second half of the year, Holmgren said while talking to an international media agency that “we expect it to take a long time before the situation normalises”. Even though schools for students below the age of 16 were also kept open while the world was struggling to contain the COVID-19 disease, Swedish officials have touted their method as public health-centric and not to save the economy. Reportedly, Sweden’s idea was to ensure the hospital facilities could match up with the pandemic and to prevent the spread of the novel virus among the vulnerable people of the society. However, the country recently admitted its failure in saving the high-risk people from COVID-19.

Read - Sweden Steadfast In Strategy As Virus Toll Continues Rising

Read - Top Scientist Defends Sweden's Virus Strategy

Sweden’s mistakes in COVID-19 response

Country’s top epidemiologist and lead architect of Sweden's COVID-19 response, Dr Anders Tegnell acknowledged on June 3 that the approach of avoiding lockdown has led to one of the highest per-capita death in the world. While talking on Swedish radio, he said that “I think there is scope to improve what we have done in Sweden, that is quite clear”. With a population of over ten million, the country has recorded 43,887 cases of coronavirus infections and 4,656 deaths according to Johns Hopkins University tally. 

"If the same disease came back, knowing precisely what we know now, I think we would resolve to do something halfway between what Sweden did and what the rest of the world did," said Tegnell.

Read - Sweden Passport Now Ranked Most Powerful In World: Report

Read - Sweden’s Top Epidemiologist Admits ‘no Lockdown’ Policy Caused Too Many Deaths

Image Source: AP