March 24, 2020 / 9:23 AM / in 12 days

Swedish budget watchdog sees deficit as govt ramps up spending to fight virus

STOCKHOLM, March 24 (Reuters) - Sweden’s budget watchdog ESV said on Tuesday it expected the government to run a deficit this year that could reach as much as 3.3% of gross domestic product as it ramps up spending to dampen the effects of the outbreak of the coronavirus.

In the worst scenario, the economy would contract 3% in 2020, ESV said, leading to a large deficit. A less negative scenario would see a contraction of 1% in the economy and a budget deficit of 1.9% of GDP, it added.

Reporting by Simon Johnson; editing by Niklas Pollard

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