Business Climate Surveys

South Korea’s economy has performed well in recent years with strong fundamentals. The trend of decisive policy response helped South Korea’s economy to navigate the Covid-19 shock well. For Swedish companies in South Korea, 2021 was another profitable year, even in a time of uncertainty. Sixty-nine per cent of respondents replied they were profitable in 2021.

With the discovery of oil in the late 1950s, the seven emirates that currently comprise the UAE a transitioned from one of the poorest nations in the world into one of the richest. Today the UAE holds the world’s sixth largest proven crude oil reserves, the country’s per capita gross domestic product (GDP) ranks in the top globally, it is the second largest Arab economy after Saudi Arabia and the most competitive economy in the Middle East and North Africa.

Among Swedish companies responding to the Business Climate Survey, 61 per cent reported a profitable financial performance in 2021. Looking ahead, Swedish company respondents are overwhelmingly optimistic about turnover growth in their respective industries over the coming 12 months.

Türkiye and Sweden have long standing and important economic ties. In 2021, Türkiye was the 19th largest trade partner for Sweden. Türkiye, with its strategic geographical location between Europe and Asia, and its young population (53 per cent of the population is under 35) strengthened its position in global value chains in the post pandemic period.

France has historically been an important trade partner for Sweden and this relationship keeps growing. With almost 68 million inhabitants, France is the third largest market in Europe, and the seventh largest economy in the world. In 2021, France was Sweden’s ninth biggest trading partner. 460 Swedish companies are established on the French market, with a total of more than 95,000 employees.

Despite slightly lower growth expectations, more companies said they will be increasing investments in Brazil during the next 12 months, adding up to 70 per cent of respondents this year. With this result, Brazil comes out as the second largest market where Swedish companies will increase investments in all markets analysed by the Business Climate Survey in 2022, only behind the UK.

Japan is the world’s third largest economy and Sweden’s third largest export market outside of Europe. Unsurprisingly, Japan is also a key market for Swedish companies with 40 per cent of companies reporting that at least 25 per cent of their total revenue for the Asia-Pacific (APAC) region is generated in Japan. It is our hope that this report will provide a fresh perspective and serve to create many new business opportunities between Japanese and Swedish companies.

Vietnam remains an emerging market which often requires presence on the ground. With a sizable population of over 97.3 million including the fastest expanding middle class in the Asia-Pacific, Vietnam is one of the key markets in Southeast Asia and is increasingly emerging as a manufacturing hub in the region. Overall, the majority of respondents remain positive of Vietnam’s business climate.

Mexico is the second largest market in Latin America, with almost 130 million inhabitants, and the 15th largest economy in the world. Thanks to its geographical proximity and strong trade relations with the United States, Mexico poses an interesting opportunity for manufacturing companies with sales in North America. It is our hope that this report will provide a fresh perspective and serve to create many new business opportunities between Mexican and Swedish companies.

Businesses in Singapore are struggling with rising inflation and supply-side bottlenecks. However, Swedish companies have over the year shifted from cost-savings to a sales-driven approach and investments and new establishments of Swedish companies in Singapore have remained strong.

Sweden and Indonesia have a long and successful history of exchanging ideas, knowledge and technology in a long-term partnership for mutual growth. With its population approaching 270 million, rising domestic demand and massive investments in physical and digital infrastructure, Indonesia is, without a doubt, a market with great potential for Swedish businesses.

Spain is the fourth largest economy in the EU and the 14th largest in the world, with a population of around 47 million people. Spain and Sweden’s long-standing trade relationship has been solid with a relative trade balance between the two countries. The Business Climate Survey for Spain 2022 reveals that Swedish companies in general viewed the business climate in 2021 as improved compared to 2020, with a more positive outlook on the future for their businesses.

As an emerging economy, South Africa has been a constantly attractive market for Swedish companies looking to expand within the region. There has been continuous investment into creating an enabling environment that fosters opportunities for economic growth. As “Team Sweden” in the region, we are constantly looking for new avenues of collaboration and growth focusing on sustainability, technology, and innovation.

In 2021 the Business Climate Survey was launched for the first time in the Netherlands. Most of the respondents, 76 per cent, then found the Dutch business climate good or very good. This year, as many as 84 per cent believe so.

In line with the overall market situation, many Swedish companies in China experienced a profitable 2021, and they saw stronger growth than the previous year. But they also faced a number of challenges. A key issue for companies was the trade impact from the pandemic as well as the barriers caused by the pandemic management in China.