First out of economic trouble: Norway

The Organization for Economic Cooperation and Development in Paris said this week Norway would be the first European state to return to economic health.

The Norway Post reported Friday that Norway was projected to reach “full capacity” by 2011 in the OECD semi-annual economic report.

OECD is the economic study group for 30 developed nations, representing about 70 percent of the world’s economic output.

While Norway looks to recover first, it might be noted another OECD member, Australia, is projected to post 0.1 percent growth in its gross domestic product this year, whereas Norway has further to go to return to full economic health. Norway’s GDP is projected to contract 3.3 percent this year.

In its report released this week, the OECD said “economic recovery has already started in Norway, with the large fiscal and monetary stimulus boosting consumption and sustaining employment.”

Source: UPI

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