Norway on Monday unveiled a NKr20bn ($3bn, €2.25bn) fiscal stimulus package as it starts to use its massive oil wealth to boost growth and employment in its struggling economy.The Nordic country of just 4.7m people has amassed $370bn in oil revenues - the world's second largest sovereign wealth fund, after Abu Dhabi's - and is now starting to use it to soften the effects of an expected recession.The new spending package comes on top of a previously announced expansionary budget that was equivalent to 0.7 per cent of gross domestic product and takes total government spending on the crisis to 2.3 per cent of GDP - one of the most aggressive spending plans in Europe.
The Nordic country of just 4.7m people has amassed $370bn in oil revenues - the world's second largest sovereign wealth fund, after Abu Dhabi's - and is now starting to use it to soften the effects of an expected recession.
The new spending package comes on top of a previously announced expansionary budget that was equivalent to 0.7 per cent of gross domestic product and takes total government spending on the crisis to 2.3 per cent of GDP - one of the most aggressive spending plans in Europe.
Keeping people working or studying is priority. Most of this money will go to infrastructure projects: road, rail and public buildings - and various environmental projects. Universities get a reasonable pot for research.
No tax cuts...:-) And I have seen no 'grumbling' in the papers about that.
