One fifth of Norway’s revenue comes from the oil and gas sector. As crude oil prices reduce further, even Norway is witnessing trouble. But one must appreciate how the country has successfully kept trouble away for several years.
Some of Norway’s cities are situated on stunning coastline, and offer picturesque surroundings. But the countrymen do not believe in driving supercars, buying expensive designer handbags, or queuing outside expensive nightclubs.
According to results for study conducted by Columbia University based in New York, Norway figures in the list of countries in which people are often very happy.
NHH Norwegian School of Economics professor Alexander Cappelen interacted with journalists and shared his opinion about the study. He pointed out that the country has avoided several economic pitfalls as countrymen believe in investing more and spending less.
In other countries, people start spending as soon as they start earning. But people in Norway make long-term plans
Government also deserves the credit
Even the government acts cautiously. It spends just around four percent from its revenues earned from oil and gas fund. Most part of this spending is done to fund public projects.
If you believe Cappelen, the nation is spending lesser than four percent, and the country is happy that its people stay away from luxury life temptations.
The system works because the country believes in its government. People are sure that the government won’t waste taxpayers’ money, and it won’t be mismanaged.
Country’s egalitarian policies and social democracy deserve all the credit. This high trust level is also helping the nation to achieve economic growth in bad times.
Siv Jensen is country’s finance minister. During her recent interaction with journalists, she shared her opinion that the country’s economy would experience several changes during the next few years. The government is also taking steps to reduce red tape and introducing competitive tax level to attract new investments.
Good wages make sure that people live good quality of life
Compared to wages in London, almost all workers from Norway earn good wages. This makes sure that they enjoy better lifestyle. Business Region Bergen’s, Tone Hartvedt suggests that visitors to Norway may find price for a cup of cappuccino and pasta as higher. But, locals do not consider that expensive compared to wages that they earn.
Banking system has not experienced much of oil and gas sector’s impact as of now. Loans are available at impressive interest rates. If you are looking for loans in Norway, you should visit http://www.xn--finnbesteforbruksln-ixb.no and opt for forbrukslån test to get loan at lowest rate possible.