IMF Says Norwegian Economy 'Performing Well,' But Growth May Decelerate - Oslo

The International Monetary Fund (IMF) presented its yearly assessment of the Norwegian economy on Thursday, saying that it was performing well, but high growth rates might decelerate in 2023, the Norwegian government said

MOSCOW (UrduPoint News / Sputnik - 08th June, 2023) The International Monetary Fund (IMF) presented its yearly assessment of the Norwegian economy on Thursday, saying that it was performing well, but high growth rates might decelerate in 2023, the Norwegian government said.

"The IMF concludes that the Norwegian economy is performing well. Last year economic growth was higher in Norway than in most other advanced economies. Although growth is expected to decelerate somewhat this year, the IMF considers that growth prospects for the Norwegian economy will remain favourable," the government said in a statement.

At the same time, the IMF emphasized risks of higher inflation in the country and advised against fiscal stimulus. The organization also drew attention of the Norwegian authorities to potential pressures in the real estate markets and global turbulence.

The agency pledged to present a more comprehensive report later this year.

Meanwhile, Norwegian Minister of Finance Trygve Slagsvold Vedum said the government preserves security for Norwegian households and businesses, with its economic policy contributing to the country's industry and jobs.

"Our ambition is more equitable distribution, which reduces differences, irrespective of personal financial circumstances or where in the country people live," Vedum said in the statement.

Norway's economic growth in 2022 was mainly driven by revenues from oil and gas. Oslo earned as many as 1.5 trillion kroner ($140 billion) in revenues from the industry last year after the European Union imposed sanction against Russian energy supplies due to Moscow's special military operation in Ukraine.