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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.
- Economic Survey of Norway 2012
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.
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Overview - Economic Survey of Norway 2012
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Data - Norway Survey graph 2012
Norway’s economy was protected from the worst of the 2008-09 crisis and should escape relatively unscathed from the euro area turmoil. This Survey discusses policies to promote sustainable growth and labour participation, and improve public spending and the tax system.
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.
- Economic Survey of Norway 2010