Sweden sees slower growth this year, plans spending boost
Government cuts 2024 GDP forecast to 0.8% from 1.4%
Sees room for 60 bln SEK in extra spending in 2025
Budget to be published on Sept. 19
Adds finance minister comment in paragraph 4
STOCKHOLM, Aug 22 (Reuters) -The Swedish government on Thursday lowered its forecast for GDP growth this year and said it would boost spending in its budget for 2025 to kick-start economic growth.
Squeezed by a series of rate hikes and surging prices, Sweden's economy has struggled over the last couple of years and Finance Minister Elisabeth Svantesson said the downturn would drag on for longer than previously expected.
With inflation now under control, however, the government can loosen the fiscal reins and kick-start the recovery.
"It is important to get the economy going again ... and at the same time to invest for the long term and for today in terms of welfare, infrastructure and other things," Svantesson told reporters.
The government said in a statement it now sees GDP growth at 0.8% this year and 2.5% in 2025. Its previous forecasts, from June, were for 1.4% and 2.4% growth, respectively.
It predicted headline inflation of 1.9% this year and 1.7% in 2025, unchanged from the June forecasts.
Svantesson gave no details of measures in the budget, to be published on Sept. 19, but said the government had room to increase spending by around 60 billion crowns ($5.9 billion).
Some economists say the government should go further and borrow more to boost defence, the welfare sector, and to support the phase-out of fossil fuels across the economy.
Sweden's government debt, at around 30% of GDP, is among the lowest in the European Union.
A government-appointed commission tasked with looking at whether to lower the current target for a budget surplus of 0.33% of GDP is due to report in November.
($1 = 10.2168 Swedish crowns)
Reporting by Anna Ringstrom; Editing by Stine Jacobsen and David Holmes
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