Nordea Markets, one of Norway’s largest investment banks, has joined the ranks of those optimistic about the country’s economic future and recovery from the oil price collapse. It predicts strong growth in its Nordea Economic Outlook report released this week.
Nordea thinks Norway’s mainland economy will grow by 1.9 percent this year and 2.6 percent year. Nordea’s chief analyst Erik Bruce noted that the decline in oil industry-related businesses has come to a halt and that he now expects an upturn during the next few years.
Bruce and his colleagues also think oil investments will grow, that private consumer spending will remain high and that unemployment will continue to fall. Inflation is also expected to remain low, at 1.5 percent this year and 1.2 percent in 2018 and 2019.
Nordea’s report is the latest in a string of optimistic outlooks and claims that the country’s economic crisis is over. That’s good news for the country’s conservative government coalition as it heads into parliamentary election next week.