The world today is confronted by the worst financial and economic crisis since the Great Depression of 1920’s. Due to the financial system being globalised and interdependent, the contagion effects of the financial crisis trickled down to Europe and ultimately triggered the recession of 2007-2009, which had far-reaching repercussions on cross-border economic activities. The severe international downturn had a significant effect on the Swedish economy and Swedish SMEs. Moreover, the recession has heightened economic uncertainty and combined with the existing challenges facing SMEs, created one of the most difficult business climates in decades, hence, a prevailing need for creating resilience. The purpose of this study is to examine how Swedish Internationalised SMEs remain resilient during times of recession. This will be studied through investigating what resources and capabilities were crucial for building resilience and how the SMEs changed their strategy during the recession to remain resilient. The study is conducted through a qualitative case study and an abductive approach in order to get a profound insight into the firm’s behaviour. The theoretical framework is founded on the area of strategy and resilience, by accounting for strategy formulation, the RBV, resilience and strategic change. Moreover, the empirical chapter presents the results of the data gathered from the six case companies and is structured according to the companies and the three research problems. In the analysis, the patterns emerging from the theoretical framework and the empirical data is analysed based on the three research problems through trying to understand the underlying reasons for the emerging patterns. The study conclude that Swedish internationalized SMEs remained resilient during the recession of 2007- 2009, through reconfiguring its critical resources and capabilities, and changing their strategy to adapt to the changes in the external environment caused by the recession.