The Swedish economy is collapsing due to an ongoing housing market crash:
Bankruptcies in Sweden soared for the seventh consecutive month in February amid declining household consumption and growing pressure on construction companies from an ongoing housing-market crunch, Bloomberg reported this week.
A severe slump in Sweden’s real estate sector has damaged the Nordic region’s largest economy, which is struggling with surging consumer prices and growing interest rates. The country has been facing its worst housing-price plunge in three decades, which has led to a reduction in investments in new dwellings.
The situation has contributed to a surge in defaults in the country. According to the media outlet, citing credit reference agency UC, the number of bankruptcy filings in February jumped by 11% year-on-year.
Fortunately, the “humanitarian superpower” has plenty of migrant manpower on which it can rely to rebuild the economy. After all, immigration is good for the economy, right?
Anyhow, this is coming soon to the US economy as well.