There’s more to kroner than oil / Columns / The Foreigner

There’s more to kroner than oil. Oil is terrifyingly below $50 a barrel. Norwegian unemployment sits at a ten-year high. More than twelve kroner buys a Pound. Norway's economy is a mess. Or so we are told. Surely the real issue is presuming that Norway must rely on a high oil price to have a good economy? Under that assumption, a single commodity's price drops--and panic ensues. Instead, look at all the advantages.

oil, kroner, economy



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There’s more to kroner than oil

Published on Wednesday, 2nd September, 2015 at 21:56 under the columns category, by Ilan Kelman.

Oil is terrifyingly below $50 a barrel. Norwegian unemployment sits at a ten-year high. More than twelve kroner buys a Pound.

Thousand-kroner notes
Thousand-kroner notes
Photo: Norges Bank


Norway's economy is a mess. Or so we are told.

Surely the real issue is presuming that Norway must rely on a high oil price to have a good economy? Under that assumption, a single commodity's price drops--and panic ensues. Instead, look at all the advantages.

Not really that a low currency entices tourists to Norway and encourages Norwegian exports. The point is to have a strong currency and economy without oil. Instead, consider all the innovations in Norway and the non-oil business opportunities.

Buddy electric cars come from Norway. Creative renewable energy sources include osmotic energy, potentially leading to an export industry for technology and electricity. Aiming for profits can sometimes save lives, as with a Norwegian-invented methanol poisoning test.

The country has a thriving start-up scene one of which might support drought-stricken areas. Over to arts, Norwegian cinema has rich prospects, even tackling international climate and development themes such as the film Wind of Change.

No livelihood solution is ideal. They all require investment, work, energy, time, creativity, and thinking beyond black gold, with Innovation Norway ready to help.

Neither petroleum nor its low prices currently represents a curse or reason to be worried for Norway. Instead, the current situation should become a springboard to build an economic future beyond fossil fuels.

Ilan Kelman is a Reader in Risk, Resilience and Global Health at University College London. He has not invested in fossil fuels.



Published on Wednesday, 2nd September, 2015 at 21:56 under the columns category, by Ilan Kelman.

This post has the following tags: oil, kroner, economy.





  
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