Sweden Raises Borrowing as Recession Looms Amid Job Cuts

Sweden raised its estimate for the government’s borrowing need in 2012 as the largest Nordic economy struggles to avert a recession amid growing unemployment.

The National Debt Office increased its estimate for sales of nominal bonds this year to 50 billion kronor ($7.5 billion) from the 35 billion kronor predicted in October, according to a statement published today in Stockholm. The agency said it expects to issue 53 billion kronor in nominal bonds in 2013, 20 billion kronor more than estimated in October.