Has Norway became too rich? In the prosperous Scandinavian country, the success of a controversial book shakes local political debates, when the Norwegians vote for very disputed legislative elections.
In your work The country that has become too richThe Norwegian economist Martin Bech Holtte argues that Norway’s dependence on his oil wealth and his enormous sovereign fund has led the Nordic country to excessive confidence and low productivity, he reports. The Financial Times. Published last January, the book has approved tens of thousands of copies in Norway, at the level of certain successful novels, so it is a real object of public debate.
Promoted by Norway’s enormous energy income, the Norwegian sovereign background is the world’s largest sovereign background. Having shares in about 8,500 companies on the planet, the latter weighs more than 20,000 billion Norwegian crowns (just over 1,700 billion euros) today. With a population of around 5.6 million inhabitants in Norway, this now represents more than 300,000 euros per inhabitant.
In his book, the former director of the Oslo Office of the McKinsey Consulting Cabinet lists examples of an important high public, even useless from his point of view, such as a metropolitan project that connects the Norwegian capital with a neighboring peninsula, the cost is higher than expected, or tax alternatives granted with offshore wind projects or oil fields, which would not have been profitable. Reports, reports, reports, reports in a profitable way, reports, or have been granted to tax alternatives granted to offshore wind projects or oil fields, which would not have been profitable, reports, reports in a profitable way, in a profitable way, or have been granted to tax alternatives. Bloomberg.
Productivity stagnation
Norway, in parallel, faces a serious stagnation of productivity for two decades, especially in the industrial and technological sector, as well as an inertia of innovation within companies, the US Financial newspaper underlines. In addition, the Scandinavian country has an expense level in the highest education system in OECD countries, while the results of Norwegian students have deteriorated in recent years.
If it is controversial, economists and researchers from the inaccuracies or exaggerations by Martin Bech Holte, this bestseller has shaken the political debate, while Norwegian voters are called to the urn this Monday, September 8 for the crucial legislative elections.
“We are a country that spends huge sums of money, with one of the highest taxes in the OECD. However, the Norwegians do not benefit from better services than in Denmark, Sweden or Finland,” said Sylvi Listhaug, affectionate to the Progress Party (FRP), populist training in the process of becoming the first opposition force, informs financial times.
Jens Stoltenberg, former prime minister and former NATO chief who became a Minister of Finance in the current coalition government in Oslo, said the stagnation of productivity was a “true concern.” “There is always the risk that we will become complacent and that we believe that the sovereign fund will save us,” that “it is not the case,” he said.
Source: BFM TV
