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Norway 16 key economics factors The discovery and development of the country's oil and gas reserves in the 1960s and 1970s, which led to a period of economic growth and prosperity. The establishment of a sovereign wealth fund in 1990 to manage the country's oil and gas revenues. The introduction of a fiscal rule in 2001 which limits the growth of public spending.

Deregulation and liberalization of the economy in the 1980s and 1990s, including the removal of barriers to trade, privatization of state-owned enterprises, and the liberalization of foreign exchange and capital markets.

Top 16 factors that played crucial role in Norway economic prosperity

The development of a strong welfare state and social safety net, including universal healthcare and education.

The promotion of education and training, including initiatives to improve the education system and increase the number of skilled workers in the country.

The establishment of a supportive business environment, including low corporate tax rates and a favorable regulatory environment for entrepreneurs.

The development of a thriving innovation ecosystem, including research and development centers, incubators, and accelerators.

The adoption of a flexible exchange rate regime, allowing the Norwegian kroner to float freely against other currencies.

The expansion of the country's energy sector, including the development of hydroelectric power and the use of renewable energy sources.

The growth of the country's service sector, including tourism, finance, and technology.

The diversification of the economy, with a greater emphasis on industries such as technology, innovation, and creative industries.

The implementation of trade agreements with other countries, including membership in the European Economic Area and the World Trade Organization.

The adoption of a proactive industrial policy, including grants and subsidies for businesses, tax breaks for companies that invest in innovation, and support for research and development.

The establishment of a strong and independent central bank, responsible for monetary policy and financial stability.

The development of a well-functioning financial system, including banks, insurance companies, and capital markets.

The implementation of labor market reforms, including measures to increase flexibility and competitiveness.

The promotion of sustainable development and environmental protection, including initiatives to reduce carbon emissions and protect natural resources.

The establishment of a strong and transparent legal and regulatory framework, including measures to combat corruption and protect property rights.

The adoption of a transparent and accountable system of government, including strong institutions and a free and independent media.