Experts believe that downturn caused by oil crisis will come to an end

Ekofisk platformEkofisk platform.Photo: Carina Johansen / NTB scanpix
Both Nav and Statististisk sentralbyrå(Norwegian Bureau of Statistics) are now eyeing the end of the economic downturn  caused by the oil crisis. But it will still be while until things start turning around.
– We believe that unemployment will continue to increase this year, but we are entering a moderate upturn next year. Thus, we will see a modest improvement during 2017,  senior adviser John Sorbo in Nav says to the newspaper Dagbladet. The forecasts of NAV are based on the continued decline in oil investment in 2016.
– The weak krone will make things better for more traditional industries, which will increase the employment and investment. Low-interest rates will lead to more construction of railways and housing. There will still be major geographical differences, and in Rogaland, it may take longer before it turns. But the worst will be over in 2017, says Sorbo.
Torbjørn Eika at Statistisk Sentralbyrå also thinks things may turn around soon.
– We believe the downturn will not last longer than until  the summer. Then we will witness a very slight upturn and the unemployment may  decrease slightly towards the end of the year, he said. Eika also notes that there are geographical differences and says this illustrates that things don’t look completely bleak .
Source: NTB scanpix / Norway Today

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