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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Macroeconomic Policies for a Balanced and a Competitive Economy

Appropriate monetary and fiscal policy settings are important to ensure sustained low-inflation growth and the prudent management of large natural resource wealth. The economy has climbed out of recession, and the present recovery is becoming more self-sustained and broadly-based. Inflation is significantly below the Norges Bank target, reflecting low imported consumer goods inflation and wage moderation. Monetary policy faces the dilemma of allowing inflation to rise without triggering overheating and wage push, while households’ debt has risen sharply in response to prolonged low interest rates.

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