🇸🇪 Sweden

Sweden is a Nordic nation of 10.5 million with a $590 billion GDP that punches far above its weight in global business — IKEA, Spotify, H&M, Volvo, Ericsson, and Minecraft (Mojang) are all Swedish. The country has more billion-dollar startups per capita than any country except Silicon Valley. Sweden joined NATO in 2024 after 200 years of neutrality, a historic shift driven by Russia's invasion of Ukraine. The country is one of the world's most cashless societies — only about 1% of transactions use physical cash. Sweden's social welfare model (the "Swedish Model") combines high taxes, generous benefits, and a competitive private sector. The country has taken in more refugees per capita than any other European country.

Automotive (Volvo), telecommunications (Ericsson), pharmaceuticals (AstraZeneca's R&D is largely Swedish), mining (iron ore from LKAB in the Arctic), and tech are the main sectors. Germany, Norway, and the US are the top trade partners. Sweden's krona has weakened significantly, boosting exporters but reducing purchasing power. GDP growth has been around 1-2%, with the housing market correction being a drag. The country discovered Europe's largest rare earth deposit in Kiruna in 2023 — potentially over 1 million tonnes.

Sweden's ICEHOTEL in Jukkasjärvi is rebuilt from scratch every winter using ice from the Torne River — it's been operating since 1989. The country has a "right of public access" (allemansrätten) allowing anyone to walk, camp, and forage on any land. Sweden hasn't been at war since 1814 — the longest period of peace of any European country. The country recycles so efficiently that it imports garbage from other countries to fuel its waste-to-energy plants.

Sweden's innovation ecosystem is world-class, and the NATO membership marks a new strategic era. The rare earth discovery could reduce European dependence on China. The challenge is maintaining the social model while adapting to immigration and demographic change.