Assessment and recommendations

The global financial crisis hit Norway less severely than many other OECD countries. The recession was shallower than elsewhere and consumer demand picked up relatively early. This relatively early and strong recovery can be ascribed to a number of factors. The dynamism of household demand and the direct effect of public expenditure growth were major factors in sustaining demand, while the bounce back in oil prices also supported investment in the petroleum sector. By Norwegian standards, there has been a significant rise in the unemployment rate, though it is not expected to exceed 4% and it will fall back as the recovery gathers strength. Good growth is expected for the mainland economy this year, strengthening somewhat in 2011. Amid global uncertainty, some downside risks remain, however, both for the world economy and within Norway.

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