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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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Putting public finances on a sustainable path

Prudent management of national resource abundance has been the hallmark of Norwegian public governance and a cornerstone of Norway’s economic success. Norway has rationally decided to exploit finite natural resources in the long term interests of all its citizens and descendants. The more oil money that can be saved now, or else used to improve the foundations for growth, the more easily can fiscal solvency and high growth be secured as the population ages and the pension system matures. Notwithstanding the illusion of a relaxed long run budget constraint, enhanced by the oil price windfall, expansive spending programmes must be resisted and budget room used for pension pre-funding.

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