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International business: Sweden

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The candidacy of Sweden was officially filed in July 1990 with the European Commission, by the then Prime Minister Ingvar Carlsson. Negotiations commenced in February 1991. After three long years, the European Parliament approved the Swedish nomination on May 4, 1994. Sweden officially joined the EU on 1 January 1995, along with Austria and Finland. Sweden participates actively in the decisions taken in the different EU institutions. Sweden is part of the central power of the EU in Brussels, and this involvement allows the Swedes to influence many decisions.

However the country does not have enough confidence in the management of the European Central Bank. Sweden therefore retains its currency, the krona, and remains outside the euro zone, while remaining within the EU, in the same way as Great Britain and Denmark. This decision was taken following a vote in Sweden: With 56.1% of the votes and a negative turnout of above 80%, the Swedes overwhelmingly rejected the euro on 14 September 2003.

The Swedish economy is one of the strongest economies in the world. Economic growth in this country during the 20th century was described as "Swedish economic miracle". This qualification is due to poor agricultural country that has become, in recent decades, one of the most prosperous and advanced in the world.

The purchasing power of the country and the GDP per capita is about 0.7 for Sweden and one in France. Thus, the purchasing power of Sweden is relatively lower than that of the French. However, this difference is reduced thanks to the many social benefits available to Swedish. Particularly with regard to maternity, support for young parents and social security. In addition, one can add to that, economic growth of 3% in 2003 and +3.6% in 2004, as well as + 4% per year between 1998 and 2000, which is above the zone euro. This shows the dynamism of the Swedish economy in recent years. In terms of the distribution of GDP, one can say that it is similar to that of the richest countries in the world. Nevertheless, the industry maintains a relatively important sector in Sweden.

About 3% of the workforce is employed in this agricultural sector. Despite an unfavorable climate and thus a development of very small territory (9% of the country is used for agriculture), the Swedish production is likely to self-sufficiency. Indeed, it provides 80% of the power of the country. This activity revolves around livestock (meat and dairy products), cereals (wheat, barley and sugar beet), and fish (herring, cod and salmon).

The industry is a very important sector in Sweden. Indeed, it represents more than a quarter of national GDP. In addition, it employs about 25% of the population (just over one million active).The main industrial areas in Sweden are in the suburbs of Stockholm, Gothenburg, Linkoping, Malmo and Trollhattan. In addition, there are 17 Swedish companies among the 500 largest global corporations, including Volvo, Ikea, Saab, Electrolux, and Ericsson etc. The Swedish industry is divided into several major groups: timber industry, mining etc.

Tags: Sweden; economy of the country; international business

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