Wellbeing in Norway is high; GDP per capita is among the top-ranking countries and the country scores well in measures of inclusiveness. Several challenges must be addressed, however, if this good standing is to be sustained. The economy is vulnerable to trade risks. Also, though property markets and related credit appear to be heading for a soft landing, risks remain. Norway has substantial opportunities for more effective public spending remain, and exploiting these will become more important as fiscal space narrows. Productivity growth remains low, requiring attention to business policy.

OECD’s periodic surveys of the Norwegian economy. Each edition surveys the major challenges faced by the country, evaluates the short-term outlook, and makes specific policy recommendations. Special chapters take a more detailed look at specific challenges. Extensive statistical information is included in charts and graphs.

Norway’s economy is slowing as inflation and higher interest rates weigh on consumption and investment. The labour market is tight and wage growth robust, while labour shortages and job mismatches are high and rising. Inflation is falling but still way above the target of 2%. The fiscal stance is expansionary. It should become contractionary to support monetary policy. While Norway is one of the OECD’s most productive countries, productivity growth over the past decade has been weak. Making skills more relevant, notably by strengthening vocational education and training, could help raise productivity and ease tight labour markets. Higher and broader taxation of greenhouse gas emissions and investing in lower‐cost emission cuts would help achieve emission reductions more efficiently. Public spending as a share of GDP is the highest in the OECD, which brings important benefits in the form of high-quality public services. However, oil revenues are set to decline, and ageing costs to rise, foreshadowing strains on public finances in the future. Norway could benefit from applying a medium-term expenditure framework, introducing a spending rule, and establishing a full-fledged fiscal council. Reforming the very generous sickness and disability scheme could help reduce spending pressures and increase employment. Regional policy should become more cost-conscious. Infrastructure investment is very high, and imposing a minimum benefit-cost ratio on individual projects and strengthening ex-post evaluations could help improve its effectiveness. SPECIAL FEATURE: RAISING THE EFFECTIVENESS OF PUBLIC SPENDING

This 1997 edition of OECD's periodic review of Norway's economy includes chapters covering recent developments and short-term prospects, fiscal and monetary policy and structural reform, implementing the OECD Jobs Strategy, and education and education and training.

The OECD's periodic review of Norway's economy. It finds that Norway has seen several years of strong growth and very low unemployment, but that it will not be untouched by the current slowdown. The survey examines three key economic challenges ...

OECD's 1971 Economic Survey of Norway examines recent economic trends, policy, and prospects and draws a series of conclusions.

OECD's 1975 Economic Survey of Norway examines the steady 1974 developments, price and wage behaviour, the stance of economic policy, and prospects for 1975 before drawing a series of conclusions.

OECD's 1972 Economic Survey of Norway examines longer term trends and problems including objectives and policy instruments and economic performance; recemt economic policy, and recent trends and prospects before drawing a series of conclusions.

OECD's 1992 Economic Survey of Norway examines recent economic developments, economic policy and environmental problems and policies.

This 1998 edition of OECD's periodic review of Norway's economy examines recent economic developments, policies and prospects. It includes special features on structural policies and health care reform.