Sweden is continuing to reap the rewards of this mixture of fiscal rectitude and pro-market reforms. GDP is projected to grow by 1.8% to 1.9% this year; headline inflation stands at 1.5%; debt-to-GDP ratio is one of the lowest in the world, at just above 35%.

There are some flies in this ointment, of course: The economy has recently endured a bout of stagnation, unemployment is at an uncomfortably high 9.4% and Sweden has one of Europe’s highest rates of household debt. But the business environment is healthy, particularly when it comes to business to business. Sweden has a diversified business scene — the highest number of unicorns per capita in Europe, with notable successes such as Spotify, but also a healthy manufacturing and engineering sector. Many of these established companies are thriving because of a surge in demand for both server farms and military equipment…

Sweden has recently experienced its first net emigration in 50 years, thanks to higher minimum wages for labor visas, tougher citizenship tests and, most controversially, financial payouts of up to $37,000 for refugees who volunteer to leave. It has also made progress against violent crime in the immigrant-heavy suburbs, increasing police numbers and toughening the penal code, including a boost to stop-and-search powers and a lowering in the age of criminal responsibility to 14. The number of shootings fell by 63%, from 390 in 2022 to 147 by the end of 2025.

Here is the full Bloomberg column.  And here is Adrian’s new book on liberalism, self-recommending.