Solberg fears brexit unrest will foil Norwegian upswing

Prime Minister Erna SolbergPrime Minister Erna Solberg.Photo: Cornelius Poppe / NTB scanpix

Increased uncertainty as a result of Britain’s EU NO could threaten an already fragile recovery in the Norwegian economy,  Prime Minister Erna Solberg warns.

She will travel  to Rogaland and Vest-Agder  on  Monday to meet jobless Norwegians and visit companies that are readjusting.
When asked what about what the deciding factors on whether Norway will soon see the end of the downturn in the country is in, the Prime Minister answers this:
– Uncertainty about European growth due to the brexit will have an impact.
– Will there be less investment?  Will people become more nervous? How are economic developments in Sweden and Germany affected by this? How will this affect Norway?Trade with Sweden and Germany is important to  the mainland economy , especially the manufacturing industry, Solberg  says.
Dark clouds brexit
If brexit leads to less European growth,  analysts believe it will have consequences for Norway.
Two thirds of the Norwegian imports are from the EU.    Two thirds of Norwegian exports, apart from oil and gas, goes to the EU.
About two-thirds of Norwegian foreign investment are made or have been made in the EU, while two thirds of foreign investment in Norway are made by the EU or one of the countries of the EU.
– Britain has been pushing for the EU to develop in a liberal trade oriented direction.This means that there may  be direct consequences for the Norwegian economy and business from the turmoil from brexit,  the organization Work writes.

Source: NTB scanpix / Norway Today

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