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This paper reviews the state of the Swedish economy during the 1990s. Real GDP declined by more than 7 percent between the peaks in the first quarter of 1990 to the first quarter of 1993. Sweden’s historic experience of maintaining one of the lowest rates of unemployment among the industrial countries has disappeared during the current recession. The unemployment rate has increased from about 2½ percent of the labor force in 1990 to almost 13 percent of the labor force in the first quarter of 1993. The paper also analyzes the institutional framework of the Swedish labor market.
Publisher: International Monetary Fund