Olsen: Norway needs lower labour costs
Norges Bank governor discusses ‘necessary transition’ towards non-oil industries
Rebalancing the Norwegian economy away from the oil industry will require lower wage growth or a depreciation of the krone exchange rate, Norges Bank governor Øystein Olsen said last week.
Falling oil prices have only had a "relatively small" impact on the real economy in Norway so far, Olsen told an audience in New York, but they have "accelerated and amplified an announced decline in the activity level on the Norwegian continental shelf".
As such, the Norwegian economy must adapt to
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