This is the 3244th most frequent Swedish word.
statsministern
"Statsministern" means "the prime minister" in English.
Here, 'statsministern' is used as the subject of the sentence, referring to the Prime Minister in the role of addressing the public via a speech.
Statsministern höll ett tal till allmänheten.
The Prime Minister gave a speech to the public.
In this case, 'statsministerns' (possessive form) shows ownership, referring to the reforms introduced by the Prime Minister.
Vi diskuterade statsministerns nya reformer.
We discussed the Prime Minister's new reforms.
Here, 'statsministern' is again used as the object of the sentence, describing the recipient of the standing ovation from the people.