Norway Exports looking bleak
The Chariman of Norway’s CBI said on 4 January that 2010 may the most difficult year for many of Norway’s exporters. The krone is becoming stronger against the dollar, which means that their exports become less competitive, and borrowing is becoming more expensive for the shipping industries which are one of the main exporters. There is a surplus capacity of shipping which has resulted in declining freight rates; this makes it harder for the industry to service its debts. Some commentators are predicting a ‘double dip’ recession for Norway.