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Thriving Norway Provides an Economics Lesson
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A Norwegian economist quotes Ibsen-"the strongest man is one who stands alone in this world." it describes Norway's approach of setting its own course. Prudent banking policies, frugal management of oil money, and astute investments by the wealth fund, have given Norway economic resilience rare in Europe. Banking represents only 2% of the economy, and oil money goes straight to the wealth fund and only 4% is allocated to the budget, spending controls are in place as government spending was reduced to 40% of GDP by 2007 from 48% in 2003 a period when UK increased spending from 42% to 47%. Oil revenues and a small population of 4.9 million also help. Managing this well is the Norwegian story.
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Norway weathered the financial crisis of 2008-2009 with prudent banking policies, frugal spending, and used the opportunity to enhance investments in equities of companies around the world from its wealth fund.
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