“When the financial crisis brought the global economy to its knees, Norway was largely unscathed. But oil under $50? That’s another story. Unemployment peaked at about 3.7 percent in 2010 in the post-crisis aftermath. Falling oil prices already pushed the jobless rate to 4.3 percent in May, the highest in at least 11 years, and that was before a renewed drop in Brent crude. If the government has to withdraw money from its $875 billion sovereign wealth fund, it will be a historical step. It’s either that, or heavily rein in fiscal spending at a time when the country needs it most. Taking money from the fund wasn’t planned for at least a few decades and no finance minister wants that to be their legacy.”
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