OSLO, June 8 (Xinhua) -- The International Monetary Fund (IMF) released its yearly assessment of Norway's economy and economic policies on Thursday, praising the Nordic country's robust economic performance.
Norway's production experienced significant growth in 2022. It is expected to expand further this year, albeit at a slightly slower pace, the assessment said at a press conference in the Norwegian capital Oslo.
At the same time, the IMF also pointed out that in a highly active economy, fiscal policy must avoid excessive expansion that could cause inflation.
"Fiscal policy should be more supportive of the Norges Bank's (Norway's central bank) anti-inflation efforts. Monetary policy has been responding in a timely manner, but to bring inflation durably towards the medium-term target of 2 percent, further tightening is needed," read the assessment.
The assessment also celebrated Norway's leadership in the green transition and the government's efforts to employ more young people.
Last week, an IMF delegation met with Norwegian authorities, academic and financial institutions, and employer and labor organizations. A more comprehensive report will be presented to the IMF Board later this year.
Norway's Finance Minister Trygve Slagsvold Vedum said the government has preserved security for households and businesses, and its economic policy has contributed to industry and jobs.
"Our ambition is more equitable distribution, which reduces differences, irrespective of personal financial circumstances or where in the country people live," he told the press conference. ■
