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Why Norway did much Better than Greece in the Global Financial Crisis
Finance & Accounting
Pages 16 (4016 words)
The global financial crisis that the shook the foundations of many economies in 2008 had left devastating effects that continued to be felt until today. The crisis had not only seriously affected the less developed countries but also the industrialized and developed ones.
A closer look would provide another perspective; it is not simply the gross domestic product or gross national product that matters but the nature of the government policies on the economy that has a profound influence. It is obvious though that government economic policy does shape the quantitative results as can be determined from the GNP and GDP. Because of this, the global financial crisis also highlighted the different approaches that governments employ in managing the economies of their respective countries. The experiences of Norway and Greece expose the fundamental differences in government’s type of leadership in the economic sphere, particularly in finance. While many countries, including the economic powers reeled in the midst of recession, Norway’s economy grew stronger by almost 3 percent while its government enjoyed an 11 percent surplus budget (Thomas 2009). Greece’s economy, on the other hand, started to plummet at the onset of global financial crisis. While Norway, despite its relatively robust economic policies, managed to institute reforms to cushion the impact of the recession, Greece continues to experience worsening social turmoil brought about by the crisis. The Greek government gets a huge part of the blame as it failed in the area of financial management. ...
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