The economy of Norway is a mixed economy although some declared it as a ‘socialist heaven and others called it ‘capitalism with a conscience’. Some called it lucky due to its oil exploration and others called it smart for establishing a pension fund in the name of people funded with oil money so it can be used in future in bad times.
The country has one of the highest GDP per capita in the world following just behind Switzerland if we ignore the micro-nations. But the country wasn’t always rich like it is now. Some say that it was one of the poorest countries in Europe before the 60s, and others say that it was doing just fine, BUT, it was below average in all estimates.
The country is known for fjords, aurora lights, skiing, outdoorsy people, and the history of Vikings!
World Happiness Report shows Norway has one of the happiest people in the world. The country also has one of the highest life-expectancy-index of around 81. The country tops many international rankings, including human development index, prosperity index, ease of doing business index, freedom of press index, democracy index, etc. etc.
But how did a small fishing nation become one of the richest countries in the world??? Is it their fishing industry or oil exploration or tourism or its pension fund in the name of people?
#economy #norway #NorwayOilFund