Economic Survey 1-2011

Global economic growth increased appreciably in 2010 following the pronounced slowdown in the wake of the financial crisis. Growth picked up in Norway, too; the level of mainland activity was higher in the second half of last year than in the first half of 2008, before the financial crisis became acute. In the OECD area, countries that experienced a sharp GDP fall in 2009 tended to make the strongest recovery in 2010. However, there are exceptions. Growth in EU countries with serious government debt problems and difficulty in financing budget deficits was particularly low in 2010. In these countries, growth will be inhibited in the short term by a restrictive fiscal policy designed to reduce the debt burden.