Today is Norwegian Constitution Day, celebrating the signing of the document in Eidsvoll back in 1814. Note that Norway’s independence didn’t come until October 26, 1905. Despite the rapid deceleration in the oil economy and the government’s lack of vision for the future, there is a bright spot. Norway, at least for now, has an excellent government debt to equity ratio, allowing for a bright future with some vision and planning.
However, when we magnify on late 2016 and early 2017, we can see that the trend is changing, advising caution going forward.
Source: Statistics Norway and NBIM
Source: Statistics Norway
Perhaps today should be a little forward looking, like back in 1814 when they anticipated independence, in addition to reflecting on the past. There is a lot of unrealized potential but it will take boldness, vision, and determination to unlock it.