New economic crisis brings looming job losses / News / The Foreigner

New economic crisis brings looming job losses. Another financial meltdown could cause 20,000 jobs to disappear in Norway, according to new figures. Unemployment is expected to rise 0.5% over two years, keeping it below 4% and lower than other European countries, but state number cruncher Statistics Norway (SSB) forecasts people working in the service industries would be hit the worst. Surveys by market research company Opinion also show that the Consumer Confidence Index (CCI) is falling, despite claims by Minister of Finance Sigbjørn Johnsen claims 2012 could contain some pleasant surprises, .

norwayunemploymentrate, risingunemploymentfearsnorway



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New economic crisis brings looming job losses

Published on Monday, 2nd January, 2012 at 21:51 under the news category, by Lyndsey Smith   .

Another financial meltdown could cause 20,000 jobs to disappear in Norway, according to new figures.

Norwegian currency
Norwegian currency
Photo: chezzzers/IStockphotos


Unemployment is expected to rise 0.5% over two years, keeping it below 4% and lower than other European countries, but state number cruncher Statistics Norway (SSB) forecasts people working in the service industries would be hit the worst.

Surveys by market research company Opinion also show that the Consumer Confidence Index (CCI) is falling, despite claims by Minister of Finance Sigbjørn Johnsen claims 2012 could contain some pleasant surprises, .

Norwegians fear German Chancellor Angela Merkel, and French President Nicolas Sarkozy will not solve the Euro crisis and that Norway will suffer, reports Aftenposten.

Consultant Henrik Høidal at Opinion says, “Consumer confidence is falling for the third consecutive month at home, particularly concerning a weakening faith in the country's economy and job market between November and December. This seems to strengthen our previous assumption that consumers believe Norway can be negatively affected by national debt issues and other financial turmoil.”

Prime Minister Jens Stoltenberg also voiced his concerns regarding the European debt crisis in his New Year’s speech.

“Once again we are seeing legions of unemployed people in Europe. Many young people are simply losing faith in the future. Europe cannot allow this to happen. For us in Norway, it is a matter of safeguarding jobs and keeping mortgage interest rates low,” he declared, promising “that we will take action when it is necessary, just as we have in the past.”

Using traditional pen and paper to explain how Norway will be affected by Europe’s situation, he told NRK, “It is not a question of if Norway will be affected but when, and how strongly.”

Half of Norwegian production is sold abroad, and the crisis could cause countries to purchase less.

“We have already seen it has hit some Norwegian companies. These businesses are dependent upon selling to other countries that are struggling. So the question is how many firms are affected and how quickly we can create new jobs for those that disappear,” the PM said.

He also warned of the effects of a double dip, as countries are less able to cope with a second downturn.



Published on Monday, 2nd January, 2012 at 21:51 under the news category, by Lyndsey Smith   .

This post has the following tags: norwayunemploymentrate, risingunemploymentfearsnorway.





  
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