FX.co ★ Norway hurt by grave economic crisis

Referring to Norway’s finance minister Jan Tore Sanner, the COVID-18 pandemic fueled a grave economic crisis in the advanced Nordic economy. The official admitted that such a severe downturn has not been recorded since World War II.

On February 12, Norway’s statistics bureau reported that the national economy tumbled 2.5% in 2020 on a yearly basis. According to the survey, the economic crisis of 2020 has been officially acknowledged to be the worst since 1970. However, many experts share the viewpoint that the country has been going through the most serious downturn since World War II.

In the latest government survey, mainland Norway’s GDP mirrors dismal conditions in all economic sectors except for oil drilling and logistics. Interestingly, the finance minister believes that the ongoing crisis is a temporary challenge. Jan Tore Sanner points out that Norway copes with headwinds much better than other economies. The progress is especially evident in such sectors as healthcare and oil production.

On the minus side, high unemployment is the major concern for the authorities. According to Jan Tore Sanner, the national economy will gain momentum amid the overall slowdown in the pandemic rates which in turn depends on a rapid pace of mass vaccination worldwide. The top official says that the hardest hit sectors in Norway’s economy are transport, tourism, culture, and leisure like anywhere in the world.