Norway is the perfect economy?
This article is a part of the class ” 751309 Macro Economic2″ supervised by Ass. Prof. Napon. Hongsakulvasu Faculty of Economics , Chiang Mai University.
This article was written by Koyuki Hasegawa 651615509
Norway is the perfect economy?
Norways is one of the most economically stable countries in the world with high GDP per capital. After taxes a single individual from 20 % income. There are mainly two reasons for that. Norways government provides support for social issues to protect for citizens and share an oil wealth with foreign countries.
In Norway, it is extremely rare to work long hours or having second jobs to support themselves. It happens 3 % compared to OECD average 11 % and American average is 33%. That means Norway is the happiest in the world. However, Norway is an expensive place in terms of utility bills, gas , electricity and water. They collect high taxes to build fancy cities and public infrastructure. So people don’t need to worry about their jobs.
In the past, Norway has gained economic growth mainly based on fishing. GDP was as much as underdeveloped countries and low unemployment. But they find any oil in northern Area. They got 1.6 million a day. However, oil wealth was not forever so they decided to invest in things, weapons manufactured companies. All the investment comes from foreign countries. Funds are independent. So citizens in Norway invested their money on education by themselves. They built strong welfare systems so they keep high GDP and good quality of life.
