Norway’s pension fund may be close to peak, Olsen says
Economy in for difficult period of rebalancing
Norway's government pension fund global (GPFG), famed for its vast oil-fuelled size, may be close to its peak, Norges Bank governor Øystein Olsen warned in a speech today (February 18).
Though he argued Norway's "oil age" is not over, Olsen said the fall in oil prices will reduce Norway's national wealth. "The GPFG may be close to its peak. Future returns are also uncertain. Against this background, increased spending is not a viable path to follow," he said during his annual address.
With oil
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