Norway

A modern and highly developed country, Norway boasts a thriving private sector, a sizable state presence in the economy and an extensive social safety net. As a result of the discovery of offshore oil and gas in the 1960s, this country of less than 6 million people ranks among the richest in the world by GDP per capita. Today, Norway’s economy is highly diversified, spanning a variety of industries ranging from seafood, forestry and minerals, to a sophisticated services sector that includes finance and fintech, information technology, medtech and biotechnology, and renewable energy. Such economic dynamism is further sustained Norway’s sovereign wealth fund, the largest in the world, as well as an efficient legal framework, openness to global commerce, and preferential access to the EU market.

Despite these strengths, weaknesses persist, including high levels of private household debt, and a shortage of skilled workers compounded by significant labor costs. Exposure to climate-related risks and comparatively high-income taxation rates pose additional challenges