Sweden's Population Is About to Reach 10 Million

Sweden's population is about to cross 10 million.

While that's an arbitrary threshold, the record population growth that made it happen goes a long way to explaining the nation's booming economy. It will also -- if handled the right way -- help Sweden tackle the challenges posed by an increasingly aging society better than other advanced economies such as Germany or Japan, where the population is projected to drop.

The Nordic nation could reach the landmark of 10 million inhabitants as early as next month, according to a countdown by Statistics Sweden. Eleven million will be crossed in 2024, the fastest 1 million gain in its history, the statistics agency says. The main reason is record immigration. But an increase in the number of babies is also helping Sweden buck the trend.