Norway's economic success and stability is greatly attributed to it's independence. Above is a chart showing the export and import percentages of GDP for Norway. This is without the aid of the EU, as Norway opted to stay out of the EU in an attempt to provide independence to their economy & society. This decision proved to be ultimately effective as Norway's economy to date has been very prosperous. The reluctance to join the EU is simply because countries that are a part of the EU tend to flourish if they are wealthy. Norway for example would not benefit because the EU is a system in where everyone contributes money and resources. The wealthier nations contribute to balance the less wealthy nations, helping everyone gain stability. Because of this reason, Norway is succeeding on it's own.
Norway is a NATO country, with a lot of oil reserves generating a high profit for the nation which only has 4 million inhabitants and highest living standards in the world. It is protected by NATO because of its strategic importance of its oil resources. It also has access to the European market through the EFTA (European Free Trade Association). With all those factors in mind there is nothing for it to gain by joining the EU but only something to loose. This is common between many nations that are not in the EU.
Basically, Norway is self-sufficient, and has paved the way for it's independant success without the need for much outside help.
That is interesting that Norway is doing so well, while the rest of the world is doing so badly. That's also interesting when there is only 4 million inhabitants in Norway, when there are over a million inhabitants in Pinellas County.
ReplyDeleteReally helpful posting a graph of the GDP of Norway. Graphs really do help understand things a little more clearly. It is pretty impressive to see how well Norway is doing in their economy and how independent they have grown to be.
ReplyDelete