Unlike its neighbors, Sweden has adopted a relaxed regime of distancing in the hope of acquiring earlier herd immunity. This approach inevitably has led to a much larger death toll in the short run. The government is betting on the following:
- The number of added hospitalizations will not overwhelm the country’s medical resources;
- There will be no vaccine in the foreseeable future, so herd immunity is the only ultimate solution;
- The virus is not particularly lethal, on a percentage basis;
- Immunity, once acquired, will remain indefinitely; and
- Apart from the elderly and others at high levels of risk, the population will feel comfortable engaging in economic and social activity at normal levels of distancing.
So how is it working? Some of it is TBD. However, according to The Economist, notwithstanding the images you see on TV of Swedes congregating in parks and taverns, GDP is down almost as much as it is in Denmark. As to the last criterion, the gamble is not paying off.