Tuesday 11 February 2020

Norway - Is It The Perfect Economy?

This is an interesting video on Youtube by Economics Explained. Is Norway's Economy a mixed economy done right? This video thinks: is it really the perfect economy or just another country that won the oil lottery?

The Nordic model comprises the economic and social policies as well as typical cultural practices common to the Nordic countries (Denmark, Finland, Iceland, Norway and Sweden). Currently, the Nordic countries have been described as being highly democratic.

The economy of Norway is a developed mixed economy with state-ownership in strategic areas. Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. The country has a very high standard of living compared with other European countries, and a strongly integrated welfare system. Norway's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil. According to interesting United Nations data for 2016, Norway together with Luxembourg (a small state) and Switzerland are the only 3 countries in the world with a GDP per capita above US$70,000 that are neither island nations nor microstates.

Norway is a Scandinavian country encompassing mountains, glaciers and deep coastal fjords. Oslo is the capital city. Oslo has many green spaces and museums. It is fascinating that preserved 9th-century Viking ships are displayed at Oslo’s Viking Ship Museum. Bergen, with colorful wooden houses, is the starting point for cruises to the dramatic Sognefjord. Norway is also known for fishing, hiking and skiing, notably at Lillehammer’s Olympic resort. Many interesting winter sports can be played in the winter time.

Here are the Most Popular Winter Sports in Norway: cross-country skiing, alpine/downhill skiing, ski jumping, biathlon, snowboarding, curling, ice hockey and dog sledding.

1 comment:

  1. Youtube Igor. There are certainly lots of interesting Youtube videos out there about economies of different countries. It's amazing that Norway's GDP per capita is so high (75,504.57 USD) (2017). Look like Norway's ratio of government spending to GDP per capita is so low because their GDP per capita is so high. Main reason for the high GDP of Norway is its very profitable oil and natural gas industry.