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Zonder onderwerpscode: economie

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Norway, like most OECD countries, will experience a significant ageing of its population, although it will be less dramatic. Moreover, it starts from an enviable position: employment rates of older people are among the highest in the OECD, pension outlays are currently relatively low and substantial financial assets have been accumulated in the Government Petroleum Fund. However, without reforms, due to the maturing of the pension system, ageing will lead to one of the biggest increases in pension spending as a share of GDP in OECD countries over the next 50 years. This paper thus, after exploring the scale of the demographic changes, examines the relevant institutions and their effect on the decision to retire. In light of the expected increase in the elderly, various issues concerning their economic position and health care are considered. The paper then presents the fiscal impact of ageing: the cost of the pension system will more than double, while health care spending for the ...

Economics --- Norway

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Public spending is very high in Norway, partly reflecting an extensive coverage of the welfare system and ambitious regional development objectives. Moreover, several institutional features contribute to dampening the cost-effectiveness of many public-spending programmes. Abundant oil revenues have so far mitigated strains on public finance. However, coping with the depletion of oil resources and the fiscal consequences of ageing would require to increase the cost-effectiveness of many public spending programmes, while leaving some room to cut the high tax-to-GDP ratio. This paper identifies the main sources of inefficiencies and suggests policy options. These include: supplementing the existing deficit rule by an expenditure rule; increasing flexibility in public sector wages and job tenure; reforming the funding system of local governments; raising the contestability of public service provision; intensifying the use of price signals and improving incentives to reduce the ...

Economics --- Norway

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