Sweden is the second top country for business travel in 2019
Moving up two places from number 4 in 2018, Sweden is now the second best country for business travel in 2019. According to Forbes, this is because Sweden’s ‘small, open, and competitive economy has been thriving’ and ‘has achieved an enviable standard of living with its combination of free-market capitalism and extensive welfare benefits’.
Why Do Business in Sweden?
- Sweden is located in located in Northern Europe on the Scandinavian Peninsula, bordering Norway to the West and Finland to the East
- It is the third largest country in Western Europe and it is made up of 53% forests and 9% lakes and rivers (great for those who are there on ‘Bleisure’ and want to embrace nature or capture those ‘picturesque’ views)
- It’s official language is Swedish, but English is widely used as its business language, with Sweden scoring 1st place on the English Proficiency Index 2018
- Sweden joined the European Union in 1995 but declined to adopt the euro as its official currency. The currency of Sweden remains the Swedish Krona (SEK), which is currently stronger than both the pound and euro (XE Currency)
- Consumers in Sweden have strong purchasing power with double income households and lower social costs compared to many other European countries
- Sweden has a high standard of living, with one of the world’s highest life expectancies and one of the lowest birth rates. It also has one of the world’s most equal wealth distributions
- Sweden has a highly developed economy that relies heavily on exports and foreign trade. It’s manufacturing, construction and tourism industries are key drivers of GDP growth
- According to the World Economic Forum, Sweden is within the top 10 countries for Global Competitiveness
- Sweden has a strong transport and infrastructure system, the quality of which is rated higher than the EU average in road, rail and ports; and rated very high in air transport (European Commission)
- Sweden is a world leader in research and development, and a pioneer in new technologies and consumer trends. It scored 1st place as an Innovation Leader on the European Innovation Scoreboard in 2018 (European Commission)
- Its capital city is Stockholm, which is known for its fast growing industries in Life Science, Cleantech, Fintech, Automation and ICT. Spotify, which made nearly $6 billion in revenue in 2018, originated here.
- Sweden was joint third for the least corrupt country in the world in 2018 demonstrating a strong sense of democracy within Swedish society (Transparency International). This is exemplified by its extensive social welfare system
- Sweden has a modern, relaxed and friendly business environment, which is open-minded to new ideas and products
- According to the World Bank, Sweden is within the top 20 countries for both ease of doing business and ease of starting a business
- Sweden is in the Central European Time zone, meaning in the summer it is GMT+2 and in winter GMT+1, making global communication easier
- Due to its extensive land coverage, there is a vast difference between the weather system in the north and south of Sweden. Perhaps not as extreme as you would expect, Stockholm’s average temperatures range from 17°C in July to -3 °C in January; however, in northern parts of the country, corresponding temperatures are 13 °C in July and -16 °C in January (best sticking to its capital city then)
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