Norway appears to be emerging relatively unscathed from the financial
crisis. This is in marked contrast to its European neighbours who
continue to pursue austerity drives in a bid to rein in spiralling deficits.
With a strong welfare state, low unemployment and falling poverty,
Norway is looking forward to a healthy growth forecast for 2013. But high
levels of household debt and a very high cost of living suggest that
Norway is not entirely immune from economic problems.
Since the mid-1980s, Norway has, like many European countries, seen an
increase in pre-tax income inequality. Over the 18 years from 1986 to
2004, market income inequality – inequality before redistribution through
taxes and social transfers – rose nearly nine percentage points to a Gini
index rating of 0.45.4 However, Norway has shown a remarkable ability to
reduce the effects of market income inequality through redistribution; over
the same period, net income inequality – inequality after taxes and
transfers – rose just five points to 0.27.
2
The low rate of increase in net income inequality suggests that Norway
has succeeded in distributing income more evenly than other developed
countries.
5 Net income inequality fell two percentage points between 2008
and 2011, from 0.25 to 0.23, the lowest in Europe.6
While many countries have experienced median-wage stagnation despite
strong growth, Norway saw sustained real wage growth in the years
leading up to the 2008 global recession.7
It should, however, be noted that Norway does have a high level of wealth
inequality. Households in the highest ten per cent for net wealth own
roughly 53 per cent of total net wealth. The richest one per cent controls
21 per cent and the top 0.1 per cent own ten per cent of total net wealth.
Norway appears to be emerging relatively unscathed from the financialcrisis. This is in marked contrast to its European neighbours whocontinue to pursue austerity drives in a bid to rein in spiralling deficits.With a strong welfare state, low unemployment and falling poverty,Norway is looking forward to a healthy growth forecast for 2013. But highlevels of household debt and a very high cost of living suggest thatNorway is not entirely immune from economic problems.Since the mid-1980s, Norway has, like many European countries, seen anincrease in pre-tax income inequality. Over the 18 years from 1986 to2004, market income inequality – inequality before redistribution throughtaxes and social transfers – rose nearly nine percentage points to a Giniindex rating of 0.45.4 However, Norway has shown a remarkable ability toreduce the effects of market income inequality through redistribution; overthe same period, net income inequality – inequality after taxes andtransfers – rose just five points to 0.27. 2The low rate of increase in net income inequality suggests that Norwayhas succeeded in distributing income more evenly than other developedcountries.5 Net income inequality fell two percentage points between 2008and 2011, from 0.25 to 0.23, the lowest in Europe.6While many countries have experienced median-wage stagnation despitestrong growth, Norway saw sustained real wage growth in the yearsleading up to the 2008 global recession.7It should, however, be noted that Norway does have a high level of wealthinequality. Households in the highest ten per cent for net wealth ownroughly 53 per cent of total net wealth. The richest one per cent controls21 per cent and the top 0.1 per cent own ten per cent of total net wealth.
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