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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Key Issues and Challenges

Norway has very high per capita income and low income inequality. Good policy fundamentals and strong institutions have allowed the transformation of natural resource assets into high growth rather than into destructive rent-seeking. Still, policies need to address future risks to good performance and act to contain them. One such challenge is adapting to a major hike of the oil price without fuelling excessive domestic demand pressure, real exchange rate appreciation, and further crowding out of the exposed sector. So far, Norway has successfully avoided such a scenario by adherence to a prudent macro policy framework and pro-growth structural policy reforms, though there are pressures to spend more of the oil money on social programmes and investment.

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