Swedish think tank NIER predicts economy will contract by 1.1% in 2023

STOCKHOLM - Sweden's economy will likely contract next year as high inflation and rising interest rates weigh on households and businesses, the National Institute of Economic Research (NIER) forecast on Wednesday.

The Swedish think tank now expects the Nordic country's economy to contract by 1.1% in 2023 against a fall of 0.1% seen in NIER's September forecast.