INTERNATIONAL POLICY ANALYSIS A Swedish Wunder? Structural Fragility beneath„ Strong Macroeconomic Performance DANIEL LIND AND CHRISTIAN KELLERMANN May 2012 „ „ The Swedish economy has recovered strongly since 2009. Its macroeconomic per­formance and fiscal policy may serve as a model for the deficit countries in Europe. „ „ But this»Swedish Wunder« is built on dangerous structural fragilities. The Swedish economy is increasingly imbalanced and prone to external shocks. „ „ There is an urgent need for an economic alternative. Rebalancing its growth model on the basis of socio-ecological inclusion and investment is crucial for the country’s future.