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Sweden to spend $1.2 bln to fight unemployment

Sweden to spend $1.2 bln to fight unemployment

Sweden will spend 8.4 billion kronor ($1.2 billion) in the next two years to combat increasing unemployment amid the economic downturn, the government said Wednesday.
The center-right government said it will earmark 4.5 billion kronor to boost the number of places at universities and colleges by 23,000 in 2010 and 2011. It will also spend 3.9 billion kronor in 2010 to create 40,000 temporary jobs in the state and municipal sectors, strengthen the capacity of job centers, and create internship opportunities.
"The financial crisis has affected the world for almost a year. That which started as a financial bubble has turned into falling production and rapidly increasing unemployment to an extent that is unparalleled in modern times," the government said in a statement. "As a small, open and trade-dependent country, Sweden has been hit hard."
Swedish unemployment reached 9.8 percent in June and the government last week said it expects the rate to climb to 11.4 percent in 2010. In a forecast published Friday, finance minister Anders Borg said he expects the jobless rate to peak at 11.6 percent in 2011.


Updated : 2021-05-18 18:43 GMT+08:00