x Abu Dhabi, UAETuesday 16 January 2018

Cars won't save Sweden

STOCKHOLM // Despite the downturn in Sweden's car sector, a Swedish economist says manufacturing in other industries remains competitive. "Certain types of industry will move away but it's not the case that the manufacturing industry will disappear in the next 20 to 25 years," says Jonas Frycklund, economist at the Confederation of Swedish Enterprise. Fiscal problems with Saab and Volvo have led some analysts to predict job losses of up to 40,000 in the Swedish auto industry. "By letting go or not protecting industry that has no competitive advantage, that which has been left behind has been forced to be more effective," says Frycklund.