Southgate, in charge of England at a major tournament for the first time, named his 23-man squad for the competition on Wednesday.
Uncapped Liverpool defender Trent Alexander-Arnold and Crystal Palace midfielder Ruben Loftus-Cheek feature in the squad, but there is no room for Arsenal midfielder Jack Wilshere and Manchester City goalkeeper Joe Hart.
"I like the squad," Eriksson, who steered England to the quarter-finals of three consecutive major tournaments between 2002 and 2006, told BBC Sport. "There are a lot of young players, hungry players that want to show what they can do.
"I like the strikers because they can do things on their own, they have pace and they can score goals. I'm very curious to see how they will do. On the counter-attack, having those players available can be very, very dangerous.
"I hope they can go further than I did and reach a semi-final. If so, everything is possible. I hope for Southgate and the players, but especially for the country and the fans. It would be great for them to have a team going further than the quarter-finals."
England will face Tunisia, Panama and Belgium in the group stage of the World Cup.