The Norwegian economy will be transformed – Swedish newspaper Svenska Dagbladet

The Norwegian economy will be transformed – Swedish newspaper Svenska Dagbladet

But the country’s oil fund, worth over 6400 Norwegian billion, making Norway better equipped than most of the difficult conversion of the economy that must now be made.

Norwegian Prime Minister Erna Solberg called on short notice to the Minister of Finance Siv Jensen and the Governor Øystein Olsen at an emergency meeting on Friday. The market held its breath for a few hours.

But any rescue package a la 2009 was not.

– We are ready to take action if need be, was mortified Jensen after the meeting.

Despite the fact that oil prices have plummeted by 60 percent in six months and not look to recover significantly in the coming years want the Norwegian government does not describe the situation as a crisis. For the Norwegian economy excites the oil knocked up in the first place until a higher tempo in a planned giant transformation of the economy.

– The shift is now on the way we have known for a long time. But the case for crude oil prices we could not predict, says Vidar Helgesen, Norway’s Minister for Europe, when the TT meet him during a visit to Stockholm.

– The oil will not be the engine of growth in the Norwegian economy in the future, he added.

Gas production, the least affecting the climate of the fossil fuels, is also expected to slow down. Though it gets softer when the gas is seen as a complement to renewable energy sources.

In Norway it is now in place to carry over competitive technologies and engineering from the energy sector into new sectors of the economy, according Helgesen. Technology for oil platforms for fish farms at sea is an example he lists.

Leverage already comes from the substantially weakened Norwegian krone. The Crown case strengthens competitiveness for that part of the economy that will grow – export sector excluding oil and gas.

Innovation Capacity want Helgesen including download from Sweden.

– Norway is not bad in that area but we can be better.

In the autumn of which were thousands of employees on termination in the Norwegian oil industry. Notice Libra is expected to increase this year, when investment in the sector plummeting by 15-20 percent.

– It will cut down greatly on upgrades and the search for new sources of oil, said Erik John Bruce, chief analyst at Nordea.

This can extort lowered its key interest rate and currency interventions. A fiscal crisis package will eventually not be ruled out.

So far, the Government of Norway, to this year’s budget, content to take three-quarters of what the rules of the Norwegian oil fund allows. It provides approximately 160 billion NOK. This can be salted – with more than 50 billion to under current regulations.