Overall Ranking: 23 Overall Score: 72.7
7 Major Sources of Economic Progress
Sweden has effective policies that discourage bribery of public officials and uphold government integrity. Which allows the judicial system to operate independently and impartially. Which also allows for a well maintained rule of law. But in the last year freedom of corruption has declined.
Low Tax Rates
Sweden’s top individual income tax rate is 57 percent, and its top corporate tax rate is 22 percent. Other taxes include a value-added tax and a capital gains tax. The overall tax burden equals approximately 44.3 percent of the domestic economy. Public expenditures account for 51.9 percent of domestic output as part of its well-established welfare state.
Future of Money: Welcome to Cashless Sweden
The video talks about how Sweden is advancing as a cashless economy. Only 41% of their transactions are conducted in cash but in the US it is 55%. It has gotten to the point that some businesses in Sweden do not even accept cash. And that includes homeless people that sell magazines on the street but accept electronic payments.
In Sweden 80% of children have working mothers and 90% have working fathers. To allow the parents to spend more time with their children, Sweden's government gives them money.