Norway raises oil wealth spending to avert recession
Oslo
NORWAY'S government boosted the amount of oil money it will spend this year to a record, dipping deeper into its sovereign wealth fund to ward off a recession.
The government will use 205.6 billion Norwegian kroner (S$34.4 billion) of its oil wealth, up from the 195.2 billion kroner it estimated in October, according to the budget released in Oslo on Wednesday. The spending will have a stimulus effect of 1.1 percentage point, which is the most since 2009 and up from 0.7 percentage point in the initial budget.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Israel concerned over possible ICC arrest warrants related to Gaza war
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
G7 reaches deal to exit from coal by 2035
US, Britain urge Hamas to accept Israeli truce proposal
Saudi Arabia says economic revamp momentum intact as plans shift
German inflation creeps up to 2.4% in April