Sweden is always close to the top of global rankings in almost every imaginable category, whether we are talking about an extraordinarily high quality of life, widespread employment opportunities, highly developed and reliable infrastructure or beautiful scenery. Moreover, the country’s economy managed to ride out the effects of turmoil in global markets in 2016 and continued to grow healthily.
Over the year ahead, Sweden’s economy is also expected to keep on booming, partly due to the uplift generated by an influx of refugees. Critics have suggested that the main factor behind this growth is the incredibly low-interest rates put into place by the Swedish Central Bank in an attempt to boost stubbornly low inflation. But even if it is true, the move is encouraging greater consumer spending and driving economic activity across a range of markets.
“It’s a stable, healthy growth. We’re not on the road to overheating,” said finance minister Magdalena Andersson, highlighting the optimistic position that the country finds itself in.
Indeed, unlike other major European economies such as France and Italy, Sweden continues to perform well and has a seemingly endless appetite for skills. One of the sectors most keen to attract international expertise is the construction industry, which regularly hires professionals from across the continent.
Numerous large-scale projects are currently ongoing including ‘Forbifart Stockholm’, a new route that has been planned for the European highway, which runs past the Swedish capital. Another is ‘The East Link’, a new doubletrack, high-speed railway that will form the basis of a future high-speed connection between Sweden’s metropolitan centres and other Scandinavian capitals.
Also worth noting though is the country’s role as one of the global leaders in the pharmaceutical and life sciences sector. As such, it has already staked a claim to become the new home of the European Medicines Agency, which is scheduled to relocate from London over the next few years due to Brexit.
Business and employment opportunities
If the Agency does move to Sweden, not only will the country require the skills of a large number of pharmaceutical specialists, but it could also mean that a number of professionals need to relocate from London in order to continue working at this pivotal organisation. Such a situation would definitely put the country’s pharmaceutical industry on an upward trajectory, opening up significant business and employment opportunities.
So if a move to Sweden becomes likely, here are a few things to bear in mind. For instance, it is currently ranked the second most innovative country in the world.
Also as with other Scandinavian nations, residents benefit from an exceedingly high quality of life. Despite what President Trump may tell you, it is very safe, and people are paid well – although salaries have not grown in line with the rest of the economy over recent years.
Taxation is also relatively straightforward, but the domestic government is increasingly cracking down on tax evaders and handing out harsher punishments for infractions. It has also recently signed up to the Organisation for Economic Cooperation and Development’s Common Reporting Standard. This means that even if individuals are found guilty of evasion in Sweden, their transgressions could follow them back home or to another country of work.
Nonetheless, for those staying on the right side of the law, Sweden is a fantastic country to live and has very few downsides.
Michelle Reilly is managing director of 6CATS International. She has almost 20 years of experience in contractor management and is acknowledged as a leading global expert in the field. In 2009, she joined CXC to set-up its global Europe, Middle East and Africa business, and last year led a management buyout of the recruitment agency side of the organisation. Michelle is now chief executive of 6CATS International, which provides compliant contractor management solutions.
Sweden is always close to the top of global rankings in almost every imaginable category, whether we are talking about an extraordinarily high quality of life, widespread employment opportunities, highly developed and reliable infrastructure or beautiful scenery. Moreover, the country’s economy managed to ride out the effects of turmoil in global markets in 2016 and continued to grow healthily.
Over the year ahead, Sweden’s economy is also expected to keep on booming, partly due to the uplift generated by an influx of refugees. Critics have suggested that the main factor behind this growth is the incredibly low-interest rates put into place by the Swedish Central Bank in an attempt to boost stubbornly low inflation. But even if it is true, the move is encouraging greater consumer spending and driving economic activity across a range of markets.
“It’s a stable, healthy growth. We’re not on the road to overheating,” said finance minister Magdalena Andersson, highlighting the optimistic position that the country finds itself in.
Indeed, unlike other major European economies such as France and Italy, Sweden continues to perform well and has a seemingly endless appetite for skills. One of the sectors most keen to attract international expertise is the construction industry, which regularly hires professionals from across the continent.
Numerous large-scale projects are currently ongoing including ‘Forbifart Stockholm’, a new route that has been planned for the European highway, which runs past the Swedish capital. Another is ‘The East Link’, a new doubletrack, high-speed railway that will form the basis of a future high-speed connection between Sweden’s metropolitan centres and other Scandinavian capitals.
Also worth noting though is the country’s role as one of the global leaders in the pharmaceutical and life sciences sector. As such, it has already staked a claim to become the new home of the European Medicines Agency, which is scheduled to relocate from London over the next few years due to Brexit.
Business and employment opportunities
If the Agency does move to Sweden, not only will the country require the skills of a large number of pharmaceutical specialists, but it could also mean that a number of professionals need to relocate from London in order to continue working at this pivotal organisation. Such a situation would definitely put the country’s pharmaceutical industry on an upward trajectory, opening up significant business and employment opportunities.
So if a move to Sweden becomes likely, here are a few things to bear in mind. For instance, it is currently ranked the second most innovative country in the world.
Also as with other Scandinavian nations, residents benefit from an exceedingly high quality of life. Despite what President Trump may tell you, it is very safe, and people are paid well – although salaries have not grown in line with the rest of the economy over recent years.
Taxation is also relatively straightforward, but the domestic government is increasingly cracking down on tax evaders and handing out harsher punishments for infractions. It has also recently signed up to the Organisation for Economic Cooperation and Development’s Common Reporting Standard. This means that even if individuals are found guilty of evasion in Sweden, their transgressions could follow them back home or to another country of work.
Nonetheless, for those staying on the right side of the law, Sweden is a fantastic country to live and has very few downsides.
Michelle Reilly is managing director of 6CATS International. She has almost 20 years of experience in contractor management and is acknowledged as a leading global expert in the field. In 2009, she joined CXC to set-up its global Europe, Middle East and Africa business, and last year led a management buyout of the recruitment agency side of the organisation. Michelle is now chief executive of 6CATS International, which provides compliant contractor management solutions.
