NORWEGIAN ECONOMY

The Norwegian economy is an example of a mixed economy, a prosperous capitalist welfare state featuring a combination of free market activity and large state ownership.

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Norway ranks as the second wealthiest country in the world in monetary value, with the largest capital reserve per capita of any nation.

Norway has a very low unemployment rate, currently at 4.6%. It has the top five lowest income inequality in the world, helped by a mix of policies that support education and innovation. It also topped the world economic forum’s 2017 index of inclusive economies –a study of which countries are best at providing sustained growth over decades– it is broad-based across different sectors, creates jobs for a great majority of the population, and reduces poverty. Moreover, it channels the world’s largest sovereign wealth fund, which manages its oil and gas revenues, into long-term economic planning.