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2005 OECD Economic Surveys: Norway 2005

image of OECD Economic Surveys: Norway 2005

This 2005 Economic Survey of Norway's economy examines key economic challenges including monetary policy issues, labour and product market competition, fiscal policy, the long-term sustainability of the welfare system and the performance of the health care sector.

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Assessment and Recommendations

The Norwegian economy is in fine form at present. Per capita incomes are high, rising briskly, and evenly spread. Competition from abroad and at home is encouraging strong productivity gains and keeping inflation very low. The operations of the Petroleum Fund are insulating the exchange rate from swelling oil export revenues, and the associated fiscal rule is ensuring that most of them are saved. Although unemployment is falling only slowly from its comparatively low level, total hours worked have expanded.

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