2007 OECD Economic Surveys: Norway 2007

image of OECD Economic Surveys: Norway 2007

OECD's periodic survey of Norway's economy. This edition examines the economic challenges facing Norway in the coming years, including preserving Norway's economic success, managing monetary policy under low inflation, putting public finances on a sustainable path, boosting the labour supply, and encouraging innovation.

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Assessment and recommendations

The economy is in the fourth year of a long cyclical upturn that has brought down unemployment, without so far rekindling underlying inflation. This reflects in large part the effects of globalisation, which have been more beneficial than in most other OECD countries. Norway has been supplying energy at prices driven up globally by the needs of buoyant emerging economies like China and India, and it has been increasingly importing low-cost consumer goods in return. The resulting terms of trade gains have been large both by international and historical standards.

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