When the coronavirus hit, Norway’s economy was expected to take one of the biggest blows, suffering the double whammy of falling oil prices as well as the pandemic. In this podcast, Norway Chief Economist Kjetil Olsen explains why Norway’s recovery is turning out to be much stronger and faster than anyone expected a couple of months ago.
In this podcast, Norway Chief Economist Kjetil Olsen explains why, despite being hit by the simultaneous shocks of the pandemic and the crashing oil price, the Norwegian economy is actually in good shape. Find more on the outlook for Norway in the Economic Outlook, The Road to Recovery.
Podcast summary with time stamps:
0:27: There is a sense that Norway has really been hit hard by this crisis, suffering a double whammy from the falling oil price and the pandemic. Yet in the latest Economic Outlook, you paint a pretty optimistic picture. How is the Norwegian economy actually doing?
2:19: As societies gradually reopen, there’s been a big question around how long it will take for domestic demand to pick up again. Will people stay home, fearing a second wave, and avoid spending money? As Norway reopens, what are we seeing when it comes to private consumption?
4:42: What role do you think Norway’s social structure has played and will continue to play in the recovery?
6:20: In the report, you say that the interest rate is a powerful tool in this economic recovery. Can you enlighten us on this?
9:20: We recently saw Norges Bank keep its key rate at zero, but it also surprised the market on the hawkish side by revising its rate path upwards. What’s the significance of that?
10:59: How big a drag will the oil sector be?
13:27: The corona crisis has reminded us of the volatility of FX markets. The NOK plummeted during the worst market panic in March. What is our outlook for the NOK?
17:01: The International Monetary Fund (IMF) has portrayed Norway as one of the losers in this crisis, but you strongly disagree. Why is that?
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