It has a modern distribution system, excellent internal and external communications, and a skilled labor force. Timber, hydropower, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade. In recent years, however, this extraordinarily favorable picture has been clouded by budgetary difficulties, inflation, high unemployment, and a gradual loss of competitiveness in international markets. To curb the budget deficit and bolster confidence in the economy, the government adopted an adjustment program in November 1994 that aims to eliminate the government budget deficit and to stabilize the debt to GDP ratio. Sweden has harmonized its economic policies with those of the EU, which it joined at the start of 1995.
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