A new report from Torger Reve argues that the finance industry has now overtaken the oil industry in terms of productivity.
After the discovery of oil in Norwegian waters, it took just twenty years before Norway had the most competitive offshore industry in the world. Very few countries have managed to do this.
The price of oil has fallen and we’re now looking for new sources of wealth that can take over the role of the oil industry.
In a new report from BI Norwegian Business School professor Torger Reve, argues that the finance industry could be one possible solution.
The finance industry has now overtaken the oil industry in terms of productivity. It now accounts for 6% of Norway’s GDP, and has a per capita GDP higher than any other industry sector. It’s growing faster, it employs 55,000 people and it has opportunities for growth that Norway has not yet fully exploited.
The finance industry is getting growth stimuli through the need to manage our common wealth – savings that you and I have in our pension plans and which need to be managed successfully to secure our future.
This is a major stimulus for growth which should be exploited so that we can build a new world beating knowledge-based industry for Norway.
The Norwegian finance industry also has the most advanced technology, of any other finance industry in the world.
In Norway everybody uses internet-based banking services and pay bills through their cell phones. We’ll probably be the first country in the world to dispense completely with cash.
That is something to be proud of...
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Voice and translation: Mark Brown, Associate Professor, BI Norwegian Business School.