HOUSE_OVERSIGHT_016143.jpg
1.26 MB
Extraction Summary
0
People
5
Organizations
3
Locations
0
Events
1
Relationships
3
Quotes
Document Information
Type:
Financial research report / economic analysis
File Size:
1.26 MB
Summary
A page from a Merrill Lynch research report (GEMs Paper #26) dated June 30, 2016, analyzing Norway's industrial policy and economic performance compared to the GCC and Saudi Arabia. It contains four charts illustrating GDP growth, oil sector dependence, and asset distribution, highlighting human capital as Norway's primary resource. The document bears the Bates stamp HOUSE_OVERSIGHT_016143, indicating it was part of a Congressional investigation.
Organizations (5)
| Name | Type | Context |
|---|---|---|
| Merrill Lynch |
Publisher of the research paper (BofA Merrill Lynch Global Research)
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| Haver |
Cited source for charts
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| Norway Ministry of Finance |
Cited source for Chart 31
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| House Oversight Committee |
Implied by Bates stamp 'HOUSE_OVERSIGHT'
|
|
| GCC |
Gulf Cooperation Council, used for economic comparison
|
Locations (3)
| Location | Context |
|---|---|
|
Primary subject of the economic analysis
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|
|
Used for economic comparison
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Listed in Chart 28 data
|
Relationships (1)
Charts comparing GDP growth and economic indicators between the two nations.
Key Quotes (3)
"Human capital is Norway's most important resource"Source
HOUSE_OVERSIGHT_016143.jpg
Quote #1
"Norway's active use and introduction of a national industrial strategy has helped shelter infant industries"Source
HOUSE_OVERSIGHT_016143.jpg
Quote #2
"Norway real GDP per capita growth outpaced GCC over the past decades"Source
HOUSE_OVERSIGHT_016143.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,942 characters)
4) Industrial policy
Norway's active use and introduction of a national industrial strategy has helped shelter infant industries and create linkages between the natural resource-based industries and other sectors of the economy. For two decades (1972-1994), preference was given in a transparent fashion to local content in procurement to help build supply industries, and provisions were set in for international firms to train nationals, use domestic service industries and cooperate in R&D with local institutions. Though Norway pre-dates the GCC in this development, the region shares in many ways some of these policies, leading to the emergence of national champions. The main difference appears to relate to the scope, extent and degree of innovation involved in offshoot industries at this stage, in our view.
Norway's active use and introduction of a national industrial strategy has helped shelter infant industries and create linkages between the natural resource-based industries and other sectors of the economy. For two decades (1972-1994), preference was given in a transparent fashion to local content in procurement to help build supply industries, and provisions were set in for international firms to train nationals, use domestic service industries and cooperate in R&D with local institutions. Though Norway pre-dates the GCC in this development, the region shares in many ways some of these policies, leading to the emergence of national champions. The main difference appears to relate to the scope, extent and degree of innovation involved in offshoot industries at this stage, in our view.
Chart 28: Norway real GDP per capita growth outpaced GCC over the past decades
Real GDP per capita (1970=100)
— Norway
— Saudi Arabia
— Other GCC (1980=100)
— Iran
[Graph showing trends from 1970 to 2014]
Source: Haver, BofA Merrill Lynch Global Research
Real GDP per capita (1970=100)
— Norway
— Saudi Arabia
— Other GCC (1980=100)
— Iran
[Graph showing trends from 1970 to 2014]
Source: Haver, BofA Merrill Lynch Global Research
Chart 29: Norway outperforms Saudi indicators on a per capita basis
■ Saudi Arabia ■ Norway
Real GDP growth (%)
Oil real GDP growth (%)
Non-oil real GDP growth (%)
Per capita non-oil real GDP growth (%)
[Bar chart showing comparative data]
Source: Haver, BofA Merrill Lynch Global Research. Data represents averages over 1979-2014.
■ Saudi Arabia ■ Norway
Real GDP growth (%)
Oil real GDP growth (%)
Non-oil real GDP growth (%)
Per capita non-oil real GDP growth (%)
[Bar chart showing comparative data]
Source: Haver, BofA Merrill Lynch Global Research. Data represents averages over 1979-2014.
Chart 30: Norway's hydrocarbon sector share in real GDP has dropped
— Oil prices (US$/bbl)
— Oil sector (% of real GDP, rhs)
[Graph showing trends from 1978 to 2014]
Source: Haver, BofA Merrill Lynch Global Research
— Oil prices (US$/bbl)
— Oil sector (% of real GDP, rhs)
[Graph showing trends from 1978 to 2014]
Source: Haver, BofA Merrill Lynch Global Research
Chart 31: Human capital is Norway's most important resource
[Pie Chart]
82%
9%
7%
2%
■ Discounted value of labor
■ Real capital
■ Discounted petroleum rent
■ Financial assets
Source: Norway Ministry of Finance, BofA Merrill Lynch Global Research
[Pie Chart]
82%
9%
7%
2%
■ Discounted value of labor
■ Real capital
■ Discounted petroleum rent
■ Financial assets
Source: Norway Ministry of Finance, BofA Merrill Lynch Global Research
Merrill Lynch
GEMs Paper #26 | 30 June 2016 33
HOUSE_OVERSIGHT_016143
GEMs Paper #26 | 30 June 2016 33
HOUSE_OVERSIGHT_016143
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