Working less pays off / News / The Foreigner

Working less pays off. Swedish GDP leads Norway’s by just six percent. “We work ludicrously little, and produce copious quantities,” DnB Nor’s chief economist, Øystein Dørum, tells dn.no.Mashed Swede? The Swedes’ economic superiority has gradually waned, claims Dørum in a new report called “Enjoy it whilst it lasts”.

norway, sweden, norwegian, swedish, nordic, region, economy, dnbnor, oeystein, doerum, gdp, growth, oil, it, china, chinese



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Working less pays off

Published on Monday, 11th January, 2010 at 22:24 under the news category, by Michael Sandelson   .

Swedish GDP leads Norway’s by just six percent.

Toll road in Svinesund
Toll road in Svinesund
Photo: JohnM/Wikimedia Commons


“We work ludicrously little, and produce copious quantities,” DnB Nor’s chief economist, Øystein Dørum, tells dn.no.

Mashed Swede?

The Swedes’ economic superiority has gradually waned, claims Dørum in a new report called “Enjoy it whilst it lasts”.

“According to the figures, Norway’s workforce is twice as efficient for half the number of employees, even if you disregard what a fluke finding oil was.”

He goes on to say if the exchange rate plummets to 79 Norwegian kroner per 100 Swedish kroner in 2010, this could be enough to tip the balance, assuming that both countries’ respective GDPs develop at the same rate.

But it doesn’t end there.

“We can also surpass the Swedes as long as the current higher production value per capita continues to develop.”

Empty fortune-cookie

The Norwegian economy is also gaining on their former Volvo-producing neighbours because of the different business sector each country has chosen to focus on.

It looks as though Sweden has bet on the wrong horse, and has suffered because of its ill-fated commitment to developing IT equipment.

The Chinese-led economic growth has pulled up the price of commodities such as oil, whilst at the same time making IT equipment production prices sink.

And the value could be more than just symbolic.

“Economic power is also synonymous with political power in the international arena. Today, Sweden is a member of the G10, whilst Norway isn’t. This might change if Norway’s economy becomes the Nordic region’s largest,” Dørum says.

Down the well

However, he warns that the money-trap could cause development to stagnate.

“Our biggest pitfall is the possibility of becoming richly ruined. The growth in productivity will fall because we may not actually bother to work or readjust in the end.”



Published on Monday, 11th January, 2010 at 22:24 under the news category, by Michael Sandelson   .

This post has the following tags: norway, sweden, norwegian, swedish, nordic, region, economy, dnbnor, oeystein, doerum, gdp, growth, oil, it, china, chinese.





  
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