Executive Search in Norway – 2021 Outlook
Strong Oil Sector Insulates Norway
Norway is a rich country, with one of the highest GDP per-capita in the world. The country also scores at the top of the United Nations Development Programme’s Human Development Index ranking. Unemployment had gradually declined from its peak in 2016 until the start of the pandemic when reduced activity in the hospitality sector in particular halted this trend. The unemployment rate was estimated to rise to 4.5% in 2020 but is projected to edge down to 4.3% in 2021, before falling further to 4% in 2022.
Strong oil sector growth insulated the overall economy in 2020, despite the Coronavirus crisis, and strong mainland activity will drive growth in 2021. An inflationary shock is a risk but headline growth will remain strong, at 2.6% in 2021. The government has provided financial aid to a number of industries and companies affected by the pandemic.
The service sector is highly developed; it employs over three-quarters of the population (78.9%) and accounts for 57.7% of the GDP. While this sector is heavily affected by the pandemic, other segments such as retail related to sports equipment, home electronics and house & garden, as well as overall e-commerce and home delivery, experience substantial growth.
For information on executive search services in Norway, visit Cornerstone Oslo