This is the 2362nd most frequent Swedish word.
erkänt
Recognized or acknowledged.
Here, "erkänt" is used as the past participle of the verb "erkänna" (to admit).
Han har erkänt sitt misstag.
He has admitted his mistake.
Here, "erkänt" is used as an adjective meaning "recognized" or "acknowledged."
Det är ett erkänt problem inom industrin.
It is a recognized issue within the industry.
In this sentence, "erkänd" (related to "erkänt") functions as an adjective meaning "acknowledged or widely accepted."