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Sweden's Economy Sweden enjoys one of the world's highest standards of livings. It has an urban industrialized economy based primarily on extensive forest, rich iron ore deposits and abundant waterpower resources. Over ninety percent of Sweden's industry is privately owned. However the government exercises substantial control over the economy to moderate economic fluctuations. Sweden is nearly self-sufficient in agricultural products although only about seven percent of the land is cultivated. As an advanced nation Sweden …

…reduction in civil service employment, cuts in social welfare programs, and partial privatization of the state sector, including telecommunication and electricity networks. In early 1991 the tax system was reformed, with income tax reductions for all but the most highly paid, and an increase in taxes on goods and services. By the mid-1990's both the budget deficit and unemployment increased again. More tax increase and cuts in government spending were implemented to reduce the deficit.