Lean times, but not in Norway

Economists at the government statistics bureau SSB predict "the world’s smallest economic downturn" next year. Statistics Norway (SSB) forecasts no change in unemployment and higher disposable incomes.
Spending will continue to rise next year according to government predictions.
 

Economists at the government statistics bureau SSB predict "the world’s smallest economic downturn" next year. Statistics Norway (SSB) forecasts no change in unemployment and higher disposable incomes.
Spending will continue to rise next year according to government predictions.
 
Three million house owners in the United States have lost their homes, with another two million at risk of losing theirs. The Euro-zone has come to a halt, with a fall in the aggregate value of goods and services for the second quarter running. This will have little effect on Norway's economy.
 
Purchasing power is set to grow by the same amount as this year. The Bank of Norway is likely to cut interest rates next year. Unemployment will rise marginally, with an average increase of 5,000 jobs this year and 2,500 in 2009.
 
"If the economic climate worsens, Norway can hit back with government spending and the interest rate. This gives the Government far more room to manoeuvre than in most countries. With an interest rate of 5.75 percent the Bank of Norway can cut the rate. Norway’s global sovereign wealth fund has NOK 2,000 billion (USD 360 billion) on account.
 
One sector of the Norwegian economy is different from the rest. Lower investment in housing and commercial property will put 10,000 construction workers out of work next year.
 
Total unemployment will however remain almost unaltered.
 
"There will be a slight rise. There will be fewer new jobs and it may become harder to change jobs," says Cappelen.