Economic Survey 3-2012
Economic growth among Norway's trading partners has declined markedly in 2012, and is now very low. Both the majority of European countries and the USA are reporting high and rising unemployment. Many countries are struggling with high sovereign debt and unsustainable budget deficits. Economic growth in emerging economies is also having a negative effect on developments. Fiscal tightening is curbing growth, complicating efforts to bring order to public finances. The indications are that the situation with weak growth will persist for several years to come.