Norwegian unemployment might double

"Unemployment has been increasing significantly over the last months and we keep receiving more negative news about the economic developments," says Tor Saglie, leader of the Norwegian Labor and Welfare Administration (NAV). Norway has it fare better than many in the global turmoil, but unemployment is rising and the government has forecast a recession this year, reports Forbes.com. Saglie writes in a press release that his administration expects unemployment to increase to 100 thousand by the end of the year. That is more than doubled compared with the today’s situation. NAV believes the employment situation will continue to deteriorate and that the situation in 2010 will be worse than 2009. NRK reported that 67.400 people were registered as unemployed at the end of February, that is 25.500 more than one year ago. It is the highest growth rate since 1988-90.