Revenues from the oil industry, similar to those made by the countries in the Middle East, as well as the generous state welfare model are slowly but surely affecting the Norwegian economy, threatening the biggest success story in Western Europe, according to a Reuters study.
On the surface, Norway is a country that is envied by the entire world, experiencing a solid growth, a nominal GDP of over 100,000 US dollars and a reserve of 700 billion dollars, the equivalent of 140,000 dollars for each of its citizens.
But this wealth seems to be affecting the economy, as the Norwegians seem to be focusing more on more on family and spending their leisure time, and working less and less. Immigration fails to reduce the gap of workforce which are highly qualified, which can lead to the stagnation of productivity, which leads to the stagnation of productivity, the accelerated increase of salaries and the reduction of the competitiveness of the local companies, due to the high prices which they charge. "Oil is a metaphor for winning the lottery. Wealth has crept into society, but people aren't noticing this because the transition has been gradual", says Ivar Froeness, a teacher of sociology at the University of Oslo.
An increasing number of Norwegians are leaving the capital on Thursday afternoon, instead of Friday afternoon, by extending their weekends, he says. "We may be taking it for granted that we have a home, a chalet in the mountains and a beach house", the university said.
Wage expenses have increased 63% compared to 2000, almost six times more than in Germany or Sweden, whereas the rate of employment, adjusted with the part-time work programs, is 61%, more than in the other Nordic countries, and even below Greece, according to data from the Central bank of Norway. In spite of this, unemployment is only 3%, as an increasing number of people pre
