NORWAY

The Kingdom of Norway is a sovereign nation on the Scandinavian peninsula in northern Europe. It is situated in the northern part of Europe, located on the west part of Scandinavia. Norway borders Sweden in the east, Finland, and Russia in the north-east. The country has approximately 5.4 million inhabitants (2022).

Norway is a constitutional monarchy with Oslo as its capital. State authority in Norway is divided between the Parliament, the cabinet, and the supreme court.  King Harald V fills an important symbolic function as the head of state and the recognized representative of Norwegian society and business, but in reality, has little to no actual political power. Stortinget is the country’s supreme legislative body. Norway is not a member of the EU but takes part in European economic co-operation through the EEA Agreement. It is a member of NATO. Promotion of peace and reconciliation is an integral component of the country’s cohesive, long-term foreign policy. The Norwegian Krone is the currency of Norway.

The Norwegian economy is generally characterized as a mixed economy, that is, a market economy along with a clear component of state influence such as the Nordic welfare model that includes a universal healthcare and a comprehensive social security system. The largest revenue sources for Norway are the extraction and export of oil and natural gas. The country is richly endowed with natural resources such as petroleum, hydropower, fish, forests, and minerals.

Shipping and tourism are also the major drivers of the country’s economy. The tourism sector is greatly influenced by the terrain. Norway attracts tourists from all over the world who want to climb mountains and explore the fjords. The northern lights are one of the many natural wonders of northern Norway.