OECD launches their latest country survey on Norway

Secretary General to the OECD Angel Gurría visits Norway today to launch their biannual survey on the Norwegian economy. Measures to lift productivity in the Norwegian economy are among the topics analysed in the survey. OECD also discusses the need to limit the risk of financial imbalances.

- After several years with low productivity growth in Norway I welcome OECDs discussion of productivity and entrepreneurship. These issues are also high on the Government's agenda. The Government will lift productivity and strengthen the economy's growth potential. Some first steps were taken already in the budget for 2014, where we introduced growth-enhancing tax cuts and redirected spending towards investments in infrastructure and knowledge. I am pleased to see that the OECD supports these efforts, says the Minister of Finance Siv Jensen.

- OECDs recommendations are also in line with our efforts to increase efficiency in public spending. In this way we can make room for a gradual reduction in the level of taxation. By lowering taxes we allow the economy to work more efficiently and release more of its growth potential.

OECD points out that high house prices and high levels of debt in the household sector may pose a risk to financial stability.

- We appreciate that OECD acknowledges our efforts to strengthen financial regulation. As a supplement to new capital requirements for banks introduced last year, we recently adopted a countercyclical buffer for banks, which is set at 1 pct. with effect from 30th of June 2015. The countercyclical buffer is a new measure. OECD emphasizes the need to monitor whether it has the intended effect on financial stability and, if necessary, to revise the system in line with evolving experience. This is consistent with our own thinking and policy, says the Minister of Finance.

 

Read more:

• OECD's overview with the main conclusions
• OECD's press release
• Webcast from the press conference
• Speech by Secretary-General Angel Gurría