Quality of lifeToday, Sweden is considered one of the most highly developed societies in the world. The low inflation rate and high wages make Sweden one of the best places in Europe to live and a top destination for asylum seekers and refugees. More than 14 percent of the Swedish population is made up of immigrants. One major reason for this fact is surely the Swedish social welfare system, which provides universal health care and post-secondary education for its citizens.
Although Sweden became a member of the European Union in 1995, a referendum decided against the euro area. Thus, the official Swedish currency is still the Swedish krona. The Swedish economy is one of the strongest in the world. In 2020, Sweden was among the countries in the world with the largest gross domestic product per capita, an important indicator for a country's economic well-being. In addition, Sweden's gross domestic product is estimated to increase to approximately 837 billion U.S. dollars by 2026. Most of Sweden's GDP is generated by the services sector, which includes tourism and hospitality. The automobile producer Volvo AB is the country's largest company measured by turnover.