Economy of Norway in 2 Minutes

Norway, some economist say it is the perfect economy, and it is hard to question that. The country's sovereign fund contains more than a trillion dollars. Upon that Norway ranks 4th in terms of GDP per capita, they have very low unemployment rate, one of the highest life expectancy, good trade surplus, and it is very easy to do business here.
You see, Initially, Norway's economy was mainly dependent on fishing, until 1969 when a ship found huge reserves of oil in the north ocean. The country decided to stay out of OPEC and, established its own oil company named Statoil. While giving the drilling and production rights to two other companies. These state owned companies made generous revenue, Still the Norwegian government knew they cannot depend on the volatile oil market. So they started to invest the revenue in a Sovereign Wealth Fund.
Norway's sovereign fund is the biggest in the world. It contains more than $1 trillion. The investments in this fund are a very diverse portfolio of stocks, bonds, cash, and commodities. This comprises almost 1.4% of global stocks and shares. In 2019 alone Norway made a whooping $180 billion profit from this money. Along with this, fishing still plays a major role in the country's economy. Norway is the world's second biggest seafood exporter after China. Also the tax rate in Norway is one of the highest in the world. And due to these high taxes, the cost of living here is very high compared to other developed nations. This hurts many other exports of the county, but Norwegian people do not have a problem with this. And that is because in return they get free education, healthcare and other welfare programs.
So to sum it up we can say Norway is the perfect opportunist.
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Видео Economy of Norway in 2 Minutes канала Global Economics