Norway is the most prosperous country in Scandinavia, recognized as a world leader in the human development index for more than 20 years. Like the hot Arab oil country, cold Norway cleverly redistributes taxes and shares the profits with the people. What is the foundation of the Nordic country's prosperity and what allows ordinary Norwegians to enjoy life?
Black gold
Norway's economic recovery was characterized in the 1970s and was associated with the discovery of oil and gas reserves in its subsoil. Norway is among the 10 largest exporters of hydrocarbon raw materials. Natural gas and oil industry products account for 50% of all exports and provide up to 30% of GDP.
At the same time, most of the produced resources are exported. Hydropower plants cover 65% of the energy needs. Norway is known for having the largest public sector in the economy of Europe - 35%. For a long time, the country controlled almost every industry, from the alcohol trade and railways to heavy industry, but in the 1990s it privatized them.
This benefited the country: it received 3 billion dollars and got rid of unprofitable enterprises. And successful companies were able to modernize with private investment and compete with their neighbors.
