Conference shed light on Norwegian dual economy / News / The Foreigner

Conference shed light on Norwegian dual economy. How dependent is Norway’s economy on oil and gas? That is one of the questions Professor Hilde C. Bjørnland of the Norwegian Business School (BI) tried to answer at the annual spring conference at the Norwegian Economic School in Bergen, Tuesday. The Professor warned that an oil boom slowdown would not necessarily mean that the onshore industries would do any better, business daily Dagens Næringsliv reported. Her presentation hardly brought any news to followers of the Norwegian onshore and offshore industries connected with the oil sector. Offshore-related industry in Norway has long been the locomotive in the Norwegian economy. The professor also mentioned the effects this has had on the businesses that are not offshore related.

norwayeconomy, norwayoil



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Conference shed light on Norwegian dual economy

Published on Wednesday, 29th May, 2013 at 11:25 under the news category, by Asgeir Ueland.

How dependent is Norway’s economy on oil and gas? That is one of the questions Professor Hilde C. Bjørnland of the Norwegian Business School (BI) tried to answer at the annual spring conference at the Norwegian Economic School in Bergen, Tuesday.

An oil tanker (illustration photo)
An oil tanker (illustration photo)
Photo: Kristopher Edwin/Flickr


The Professor warned that an oil boom slowdown would not necessarily mean that the onshore industries would do any better, business daily Dagens Næringsliv reported.

Her presentation hardly brought any news to followers of the Norwegian onshore and offshore industries connected with the oil sector.

Offshore-related industry in Norway has long been the locomotive in the Norwegian economy. The professor also mentioned the effects this has had on the businesses that are not offshore related.

She pointed out that the oil boom spinoffs could be felt also in sectors such as construction, hotels and business services.

Another aspect of the oil boom is that both wages and employment rates are increasing. Professor Bjørnland also added that a direct consequence of the oil boom had been that overall public sector costs had increased over the last years.

Also present at Tuesday’s conference was Thorbjørn Hægeland, research director at Statistics Norway (SSB).

He said that while the offshore related industries are doing very well indeed, the other industries are struggling with tough competition from abroad and a very strong Norwegian currency.

According to Dagens Næringsliv, Mr Hægeland also raised the question about what position the dual economy would have in post-oil Norway.

He declared that "the resources currently connected to the oil industry should seek to be used in alternative fields", as well in that future scenario. He did not elaborate in what fields, however. 



Published on Wednesday, 29th May, 2013 at 11:25 under the news category, by Asgeir Ueland.

This post has the following tags: norwayeconomy, norwayoil.





  
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