A few weeks ago, I was a part of an audience at the University of Washington that had the opportunity to listen to Mr. Gunnar Oom, the Swedish Secretary of trade, who discussed Sweden and the Euro Crisis. His role as the state secretary of trade is to promote Swedish exports.
Mr. Oom started by briefly addressing some Sweden’s economic advantages and disadvantages. He stated that more than half of Sweden’s GPD originates from its exports and about 70% of its exports go to the European Union (EU). In the future, he said, he would like to see more of Sweden’s exports go to developing markets. Mr. Oom mentioned that Sweden’s economy has suffered because of the housing market and other challenges, but was optimistic about the growth of the economy and stressed the importance of avoiding uncertainty in pushing the Swedish export industry forward.
Mr. Oom briefly addressed some of the solutions he would consider for Sweden’s economy. He suggested increasing investment in infrastructure as a way to build efficient and effective transportation networks, including new railroads. Sweden is consistently ranked in the top 3 most innovative nations based on the quality of its institutions, human capital and research, infrastructure and market business sophistication, and the results of innovations like patents and software, and Mr. Oom is committed to making sure that Sweden rises even farther to the top.
During the last half of his presentation, Mr. Oom addressed the current Euro crisis. He stated that without better policies, the worst could be yet to come, and recommended that the EU’s main focus should now be on evenly distributing the wealth of health care and social services. He concluded his presentation by saying, “More implementation, less talk. Instead of discussing what were going to do, we must take action now and do it.”