Economic Survey 2-2013

Economic growth among Norway’s trading partners remains very low. Growth in the euro area is at a complete standstill, and unemployment is generally very high and rising. Growth in the US economy is moderate, and unemployment has fallen somewhat. The picture among emerging economies is mixed. On balance, the global economic situation appears fairly sombre, and the IMF recently made further downward adjustments in its growth forecasts. Economic policy worldwide, with the exception of Japan, is characterised by cuts in government budgets and expansionary monetary policy. These combined measures have not immediately yielded the effects many had hoped for, but have instead yielded the results others have warned of. There are no clear signs that the orientation of policy will change substantially in the near future. We therefore expect that the weak trend will continue for a while yet, and that the global economic outlook will not improve substantially before a couple of years have passed.