The republic of Sweden has been hit by the highest inflation in more than 30 years and poised for recession as there are visible signs of poverty mounting amid rising inequality in the country.
According to reports gathered Sweden has been hit hard by the effects of the war in Ukraine, due to Russian invasion.
The krona, which is Its currency, is now weaker than it has ever been against the euro, and aggressive interest rate which hikes higher have left many households with hefty mortgage payments.
Long stable and prosperous, Sweden’s economy is now one of the worst performers in the European continent in the present day.
Inflation has hovered stubbornly around 12 percent since November, according to official statistics released on Wednesday, 15th of March 2023.
“The first wave of inflation was just energy prices and some import prices. But now it has spread to the entire economy,” said Annika Alexius, a Stockholm University economist revealed.
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