OECD economic survey of Norway
The Organization for Economic Co-operation and Development (OECD) presented its economic survey of Norway today. The survey gives a comprehensive and insightful analysis of the Norwegian economy.
“OECD’s assessment of the Norwegian economy serves to stimulate the debate on important economic policy issues. We appreciate OECD’s assessment that our macroeconomic framework is serving us well. The Government Pension Fund Global, the fiscal policy guideline and the monetary policy regulation are central pillars. The framework has recently helped us to weather off the financial crisis. In the longer term it ensures that also coming generations will benefit from the petroleum wealth”, says finance minister Sigbjørn Johnsen.
“As noted by OECD, the Norwegian economy has been relatively mildly affected by the financial crisis and the contraction in world economic activity, and unemployment is low in an international perspective. Fiscal and monetary stimuli, as well as the measures taken towards the financial sector, have contributed to the favourable development. OECD emphasises that exit strategies are now a highly relevant issue for us. In fact, several of the measures to stabilize the financial markets have been withdrawn, and Norges Bank has increased the interest rate. The Government remains fully committed to bringing fiscal policy back to the 4-per cent path, in line with our fiscal policy framework”, says finance minister Sigbjørn Johnsen.
“The Survey also includes a special chapter on sustainable development, climate policy and fisheries. We welcome OECD’s assessments on these important topics. The Government has ambitious targets in all of these policy areas, and I note that OECD has a generally positive evaluation of what is being done”, says finance minister Sigbjørn Johnsen.
Source: Ministry of Finance