OECD Economic Surveys Norway 2018 [Paperback]

Norway has high levels of GDP per capita and inclusiveness, helped by business dynamism, sound petroleum-wealth management and comprehensive welfare and public servicesNorway has high levels of GDP per capita and inclusiveness, helped by business dynamism, sound petroleum-wealth management and comprehensive welfare and public services. Retaining these successful outcomes will require the business sector to diversify and successfully exploit opportunities from globalisation and technological change, while continuing to contribute to inclusiveness. This is the theme of Chapter 1 of this Survey. In general the policy environment is business-friendly and adjustment from a 4% to a 3% fiscal rule has demonstrated continued good macroeconomic management. However, the house-price correction currently underway poses challenges. Also there is scope to strengthen Norways business environment, including through attention to competition and business insolvency, reduced state-stakes and encouragement of new disruptive businesses. Norways economy would benefit from improving value for money in public spending. This would create room for lowering taxes, including those that most strongly impact businesses. There is a tendency for high-cost options in policies and inertia in reform. Chapter 2 of this Survey focuses on transport infrastructure investment. Such investment can widen economic opportunities for business and increase welfare for households. However, realising these returns requires that transport-infrastructure investment is well chosen and implemented efficiently.The OECD is an international organization that consists of 30 Member countries from the developed world that accept the principles of representative democracy and free market economy. It originated in 1948 as the Organization for European Economic Cooperation (OEEC) to help administer the Marshall Plan for the reconstruction of Europe after World War II. Later its membership was extended to non-EuropeanlS.