Norway to exit economic crisis less hurt than others

March 31, 2009

Jens Stoltenberg. Photo: Berit Hessen

OSLO, March 31 (Reuters) – The Norwegian economy is holding up better than many other Western states in the global economic crisis and will emerge less damaged than its peers, the prime minister said on Tuesday.

Unemployment, although on the rise, is still low by international standards at around 3 percent, and the central bank has slashed its key rate to 2.0 percent — down 3.75 points since last October to help fuel the economy during the downturn.

“We will get through this crisis with less damage than many other countries,” Prime Minister Jens Stoltenberg said in a speech to the financial industry, repeating that his biggest concern was still rising unemployment.

To read the entire article written by Aasa Christine Stoltz on Reuters.com, click here.