From MarketWatch on 27 June:
It is a common refrain from critics of the lockdown. Don’t let the cure — locking down the economy — be worse than the disease it is preventing. If that is the case, then, Sweden should be a case study in how to manage the disease. It famously didn’t lock down. Bars and restaurants remained open, as did hairdressers and gyms. The University of Oxford’s government response tracker puts into numbers the light-touch effort, showing Sweden was one of the least restrictive countries in the world.
The MarketWatch report (full version at link below) suggests not and offers evidence that Denmark with the hardest of lock-downs saved many lives but also suffered no more economically than Sweden because:
The simple answer is that in a pandemic, most people will change their behavior to avoid catching the virus. The cautious behavior is voluntary, irrespective of whether there is no lockdown, as in Sweden, or there is a lockdown, as in Denmark. People will shun public transport, shopping, and other crowded places, and even think twice about letting their children go to school.
Dhaval Joshi, chief European investment strategist at BCA Research