Saudi Arabia was the first oil-dependant economy to announce major budget changes following the collapse in the price of the commodity, and now Norway has followed suit.
According to news reports, Norway’s government has announced an independent review of its $789 billion sovereign wealth fund’s (SWF) equities portfolio, as the government prepares its finances for an extended period of depressed oil prices.
Rebalancing
Historically, oil has been the growth engine of the Norwegian economy, but with oil prices falling, Norway is being forced to re-design its finances. The country is now trying to rebalance its economy hoping that other sectors will fill the economic gap left by the...
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