The Nordics are considered to be one of the best places to live in right now. They are the suppliers of Europe’s most demanded commodities. For example, we have the friendly Swedes who love to supply the world with their vibrant furniture and affordable cars. On the other hand, we have Norway who is able to use all of its natural resources to become an economic powerhouse within the EU. However, what do we have as the main products of these countries what is their true value at this moment?

Norway is quite a large oil exporting country. As a matter, most of Western Europe is supplied by the companies operating and drilling within Norway. However, the unbalance of exports and role in the GDP has created some kind of skepticism within the country. Even though oil can be a really profitable enterprise, the world is changing right in front of our eyes. All this means is that oil will most likely have a smaller role to play in the years to come. And Norway’s 45% export and 17& GDP value will plummet to a point which the country may not be able to handle. Obviously, the ex-Vikings have other promising industries like fishing and natural gas, but what if those take a hit as well? The whole economy can be hurled into chaos if oil prices drop too low, here’s the reason. The Norwegian Krone is directly connected to oil prices, which means that not only does the hit come from a commodity, but also from the currency.

Many opposition parties within the country are against a further increase in the export and GDP percentage of oil, hoping to opt for a more diverse economy for Norway. However, the biggest parties which are the Conservative and Labour, don’t heed these warning too much as they prepare to greenlight new drilling in the Lofoten Archipelago.

But all of the indications are there. The Norwegian Shell is losing its strength and New drilling sites have lower and lower numbers of applicants.

Although the two Nordics are neighbors, their exports and economies are quite different. For example, Sweden pays a lot more attention to products rather than commodities. It’s largest market of nearly 17% is computers and electronics, a market that pretty much embodies the future. So in regards to a trading world economy, Sweden should be a lot better off in this department. Even their secondary export of vehicles are still to remain quite relevant. In terms of diversification, Sweden doesn’t have as much of a problem, but it still wouldn’t hurt.

Gambling is not a small industry. It is actually one of the biggest in the world. If you regulate it right, it has the potential of bringing you amazing results. However, compared to their Southern counterparts, the Nordics have similar relationships with gambling operators. They are very strict with them. Let’s take Norway for example. At first glance, it looks like the country has a zero-tolerance policy for gambling operators (click here to find out more on this topic). There are two big reasons this is happening and those reasons are state-owned companies. The industry is pretty much monopolized within the country. The same story can be found in Sweden but in this case, there’s only 1 big reason, a state-owned company.

However, it needs to be mentioned that there is promising news coming out about Sweden accepting some applications from online gambling regulators, mostly looking at softening the policies.

It might not be the best way to diversify the economy, but at this point, why not try?

Cryptocurrencies are nothing new for the Nordic countries. They do indeed have some serious regulations about them, but it doesn’t mean that they are not accepting towards the digital assets. Now there are some differences to how these countries approach them, for example, Sweden and Finland have been much more rapid at adopting cryptos because of their better technology sphere. However, Norway is not too far behind.

As a boost to the economies, there will definitely be some progress. For example, there will be more high-paid jobs for all the tech enthusiasts. Better crypto exchanges to be developed with the collaboration of local firms and most importantly, good income tax for the governments.

One of the primary examples of an up and coming project is IOTA in Norway.

The project was made to develop a data marketplace. IOTA is a company that does indeed feature its very own cryptocurrency. After much deliberation, they saw potential in Norway to start their project there with a partnership connected to NTNU University. Not only will this project hasten the adaptation of cryptos within Norway, it will also create experts of the field locally.

After much discussion, it is still hard to say whether or not the counties will be able to fully diversify their economies. We predict that Norway will have a hard time switching to a new main export while trying to stabilize their currency. Sweden and Finland will most likely have an easier time as their tech sphere a bit more developed. More specifically, Sweden will have the best time as their main product is in full accordance with online gambling and cryptocurrencies. But nevertheless, only time will tell.

The post Nordic Economies and do they have a place for cryptos? appeared first on CaptainAltcoin.

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