Since the revelation of extensive offshore reservoirs in the late 1960s, Norway’s economic vitality has been sustained by petroleum resources. As the leading petroleum producer in Western Europe, the nation experienced prolonged prosperity owing to escalating oil prices.
However, this trajectory took an unexpected turn. A sharp decline in prices at the outset of 2020 coincided with the onset of the global pandemic, triggering a freefall in the Norwegian krone. In the second quarter of that year, the country witnessed a staggering 6.3% contraction in GDP, marking the most significant downturn in over five decades, possibly since the conclusion of World War Two.
The economic downturn, however, did not translate into a substantial reduction in the wealth of Norwegians. Following the initial shock, the economy steadily recouped its losses and experienced a resurgence.
Furthermore, in the face of unforeseen economic challenges, Norwegians have a reliable safety net in the form of their $1.3 trillion sovereign wealth fund, recognized as the world’s largest. Notably, unlike many affluent nations, Norway’s robust per capita GDP statistics accurately mirror the economic well-being of the average individual. The nation maintains one of the narrowest income inequality gaps globally.
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