January 16, 2020 / 11:17 AM / 13 days ago

Swedish government lowers economic growth forecast for 2020

FILE PHOTO: Sweden's Minister of Finance Magdalena Andersson speaks after a government meeting in Harpsund, Sweden August 16, 2018. REUTERS/Daniel Dickson

STOCKHOLM (Reuters) - Sweden’s economy will grow at a slower pace than previously expected this year, the government said on Thursday, as a global slowdown is increasingly felt in Sweden.

Finance Minister Magdalena Andersson forecast growth of 1.1% this year, down from a forecast given in September of 1.4%.

“The slowdown in the world economy we have previously seen is becoming increasingly clear in the Swedish economy,” the finance ministry said in a statement.

The government predicted the economy would rebound somewhat in 2021, albeit at a slower pace than seen in September, with growth seen at 1.6% against the earlier forecast of 1.8%.

Reporting by Simon Johnson and Colm Fulton, editing by Anna Ringstrom

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