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This country note from Going for Growth 2015 for Norway identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
Norway has taken some good initiatives to combat money laundering and terrorist financing, but needs to establish overarching policies and strategies, and address significant weaknesses in a number of key areas, according to a new report by the Financial Action Task Force.
In Norway house prices have risen to high levels, associated with very strong credit growth, in a context of low interest rates. Such a combination was in many countries a contributory factor to the 2008-09 crisis.
Norway’s economy has continued to prosper, but the financial system needs to be resilient against possible systemic risk, and a vibrant entrepreneurial culture will be important to maintain sustainable growth in the future.
The Norwegian economy is performing well, generating inclusive growth, strong social mobility and low unemployment. But to ensure future prosperity, Norway must continue with growth-enhancing reforms while ensuring financial stability, according to the OECD’s latest Economic Survey of Norway.
Norway’s dual income tax system achieves high levels of revenue collection and income redistribution, without overly undermining economic performance and while paying attention to environmental externalities.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.
The OECD’s latest economic survey of Norway, to be published on Wednesday 15 February 2012, discusses how sound macroeconomic policies and well-managed petroleum wealth have helped the country successfully weather the global economic crisis.
Sustainable development is a key theme in policy making in Norway. Norway can and should follow through more strongly the logic of its pioneering use of economic incentives to further sustainability goals.
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This note is taken from Chapter 3 of Economic Policy Reforms: Going for Growth 2010.