Norway to reduce spending from the world's largest pension fund
Next year, the Norwegian government will be more restricted in spending money from the state sovereign wealth fund of the country, which is estimated at $1 trillion, as economic growth will accelerate, said the prime minister and the country's finance minister. Prime Minister Erna Solberg said that the government needs to better prioritize its spending in order to prevent the strengthening of the national currency, which can cause damage to private companies. The Norwegian oil fund with a volume of $1 trillion doubled the return on investment in 2017 and earned $131 billion. The rally of global shares increased the value of the fund's portfolio. The Fund recorded a yield of 13.7% in 2017 compared to 6.9% a year earlier. The total income of the fund since its inception has exceeded 4,000 billion Norwegian kroner, a quarter of this amount was earned in 2017 after a very good year for the fund," said the fund's head Yngve Slyngstad.
- The Strategist -