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Norway Reveals Record Withdrawals From $1.1 Trillion Fund

The government expects Norway’s mainland GDP will shrink 3.1% this year.

The government expects Norway’s mainland GDP will shrink 3.1% this year.

Photographer: Odin Jaeger/Bloomberg
Updated on

Norway’s government is set to take out a record amount of cash from its sovereign wealth fund this year, and to continue pumping historic amounts of stimulus into the economy in 2021, to fight the “severe setback” triggered by the Covid crisis.

Withdrawals from the fund will surge to an all-time high of 346.5 billion kroner ($37 billion) in 2020, followed by 273 billion kroner next year, Norway’s finance ministry said on Wednesday.