Norway

Norway has a well-developed mixed economy with strategic state ownership. Norway's economy has overgrown since the beginning of the industrial era. Norway is economy strongly relies on natural resources, mainly oil, and gas.

Several factors contribute to its success. Norway's natural resources, which include large oil reserves, hydropower, and minerals, have been critical to the country's economic progress. The petroleum industry accounts for around 14% of GDP, 45% of total exports, and 33% of state revenue. Hydropower, fish, wood, and minerals are also key industries.

Furthermore, the Norwegian government has prioritized investment in education, innovation, and research, allowing it to reap considerable returns. Moreover, Norway is a global leader in openness and corporate governance norms, which helps attract foreign money and fosters company growth. Finally, Norway has a well-educated and skilled labor force, making it easier for firms to recruit workers who meet their requirements.

Norway is routinely regarded as one of the best places to live globally. According to the 2021 World Happiness Report, Norway is the fifth happiest country. According to the Legatum Prosperity Index, it is also the fourth most prosperous country in the world. Norway has a high level of life, excellent healthcare and education institutions, and a robust social assistance system.

GDP: $88,750 (IMF, 2023)