Norway: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway

IMF Staff Country Reports, September 19, 2022

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Canonical URL: Norway: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway

The economy "bounced back strongly from the first wave of Covid-19 pandemic, and the recovery is well entrenched in 2022."
The outlook faces "considerable" risks due to:
- "uncertainty over spillovers from the war in Ukraine,"
- "the intensity of the pandemic globally, and in Europe, in particular,"
- "supply bottlenecks."
Given "strong fundamentals, Norway is relatively shielded" and faces both upside and downside risks:
- Upside: "higher energy prices and export volumes."
- Downside: "lower demand from Europe for non-energy exports."

The forecast is "especially sensitive" to:
- "where energy prices settle,"
- "whether energy supply to Europe will be disrupted,"
- "Norway’s capacity to increase gas supplies to Europe."

Subject areas listed: Climate change; Environment; Expenditure; Financial institutions; Fiscal policy; Inflation; International organization; Monetary policy; Mortgages; Prices.
Keywords emphasized in the source: Climate change, core inflation, Europe, Global, Inflation, inflation pressure, liability positions vis-à-vis nonresident, money market rate, Mortgages, normalising economy.

Source: Norway: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway (September 19, 2022).