Not wanting to expand into Asia is a mistake with Scandinavia. I mean, it can be done obviously, but it severely limits your options and handicaps you. Now, Asia doesn't necessarily mean China, you can stay out of China if you're among the people considering that cheesy. However taking the likes of Atjeh, Johore, Brunai, Siam, Dai Nam, Cambodia and Burma is very much recommended. You'll get some much needed manpower, though nowhere near the amounts you get from China, and more importantly you secure yourself a good amount of tropical wood(you have plenty of timber in Scandinavia so you'll need tropical wood for the luxury furniture factories) and rubber along with some precious metals in Johore, Oil in Brunei and a few other nice resources. With Indochina you can easily contest Russia and even Prussia/NGF if you want to prevent the formation of Germany and even beat them back taking the Baltic coastline for yourself. Without it you'll still be able to fight defensively against Russia for Finland but when it comes to Prussia/NGF and any other not backwards GP you'll greatly struggle.
As for what to do with Scandinavia. If going for Indochina than you can monopolize rubber by sphering Brazil and taking most or all the rubber provinces in central Africa. That will mean your late game industries will be the only ones getting their input demands met, monopolizing all the late game materials, from electric gears to tanks to radios and everything in between. This also means that if you choose to do it you can be the only nation with tanks, airplanes and dreadnoughts, since you're the only producer you can buy up your entire production(using the manual scales in the trade screen) leaving your enemies unable to produce the late game units. If not than you can just focus on developing your normal industry and try to compete with the greater powers in the world. Conquest in Europe without Asian territories will be extremely difficult other than territories from Russia because Russia is so backwards and in the hands of the AI never truly recovers from its technological inferiority. As for Russia, it's simply a pain in the rear to fight, because it's so huge so it requires a ton of occupations to get the war score you need, which inevitably leads to extremely long wars that aren't nearly as profitable as they should be. So while it's very much possible, it's not really worth while from an economic perspective.
