US-Sweden trade ties continue to be strong, despite an increasingly volatile global market. In this year’s Business Climate Survey, a majority of respondents signal continued confidence in the US market by increasing their local investments and raising expectations of US revenue growth.
However, the US’s post-Covid economic recovery faces several challenges. Significant inflation at home, combined with a European energy and security crisis driven by Russia’s invasion of Ukraine, as well as persistent Covid-19-related lockdowns in China, have significantly dampened growth prospects.
At the same time, there are unique opportunities in the US market, as both the private and public sector accelerate efforts to realize a generation-defining energy transition, with the aim of a carbon-free economy by 2050. The Biden Administration’s $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) is perhaps the most significant federal government move in this direction – unlocking massive funds over the coming decade.
A majority of respondents still believe being explicitly Swedish contributes to their US business. However, the group that felt it contributed greatly last year was significantly reduced in this survey. One factor for this might be the increased focus and rhetoric on Buy American.
Please download the report to fully overview the results with a detailed analysis.
ABOUT THE SURVEY
The Business Climate Survey is a tool developed to map the opportunities and challenges that Swedish companies face when doing business in the US. This report presents the conclusions drawn from the survey and an analysis based on the current business situation, economic outlook, as well as other market aspects believed to be relevant for companies operating or planning to establish themselves in the US.
More than 600 Swedish companies were contacted to partake in the 2022 Business Climate Survey with answers collected during March and April 2022. Selected companies were interviewed to ensure a deeper understanding of the factors driving their responses. This year’s Business Climate Survey received a total of 88 responses.
On a final note, we would like to extend our most sincere gratitude to the Business Climate Survey respondents for their invaluable contributions to this report. Together, we will continue to seek opportunities for growth and mutually beneficial trade, despite global economic uncertainty and turmoil.