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Bank chief warns against less trade

Interest rateNorges Bank. CEO Øystein Olsen. Photo Norges Bank


There has been turmoil caused by President Donald Trump’s policy leading to less world trade. It will hit many people hard, warned Norway’s central bank chief.


Øystein Olsen held his traditional annual speech to the Norwegian Social Summit on Thursday. He concluded that international trade has grown weaker since 2011.

“The international exchange of goods has yielded great welfare gains.

As consumers, we have gained access to cheaper and better products.

More importantly, more than one billion people have been lifted out of poverty”, he said.”Should developments now move toward less free world trade, it will hit many”, warned Olsen, the Governor of the Central Bank.


© NTB Scanpix / #Norway Today