13.05.2016 - Norway Uses Oil Wealth Fund Again to Stay Afloat
The Norwegian government will tap into its wealth fund once again to sustain government operations, as the sting of a low-priced oil market burdens the Scandinavian country, according to Reuters. Officials have used the fund once before as a rainy day fund and may continue to do so as the economy lacks the necessary revenue. The economy is expected to expand 1.0% in 2016. As wealthy as Norway may be, its Achilles heel is a non-diversified economy that relies heavily on oil exports. Norway will have to consider diversifying its economy in major ways to lessen the shock of price fluctuations in the energy markets. Because of revenue shortfalls, the government is forced to spend additional money to plug deficit holes...............................................Full Article: Source
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