Norway has very high material living standards and scores well on other aspects of well-being, thanks to a mix of natural resources wealth, good policy making and inclusive and egalitarian social values, including active efforts to break down barriers to women’s careers. However, the substantial oil-price falls since 2014 have been a reminder of Norway’s exposure to external risks and consequently the importance of a flexible and competitive mainland economy. Norway continues to experience strong property-price momentum, raising concerns for macroeconomic stability. Also, the long-standing fiscal rule risks being inappropriately expansionary.