I’m fan of ScandiNoir detective fiction. But there’s one Scandanavain mystery that been puzzling me for a while:
- Norway has approximately the same population as Scotland
- Has a similar retirement age
- Has extracted much the same amount of oil & gas from their sector of the North Sea as has been extracted from our North Sea sector.
- Has a less diverse economy than ours – we’ve got a thriving financial sector, IT sector, food & drink sector, satellite design and construction sector… we’re even going to have a space port!
- their gross domestic product is twice ours
- their state pension is twice ours
- they have a sovereign wealth fund
- we don’t have a sovereign wealth fund and neither does the UK
Answers on a postcard please!
Firstly I think that it is connected to the way they have managed their oil & gas reserves since the early 1970s when the North Sea came online. I’ve written about this in previous blog posts : Please, Norway, Help Us Look After Our Oil and Still Game After All These Years and these posts have the source references to the info given below. For example this is the Norwegian approach to stewardship of their natural resources:
Having educated myself about that, I’m now more focused on the consequences of the prudent Norwegian approach. And I think the amount of their state pension compared to ours is one of them.