- 54. percent economic perspectives 13 february 2020 an p ja da uk na ca us nd la fin p. ds ark e n nm h r herla de t ne c ze c ed en sw ay rw no source : oecd chart 17b no longer at the top of the employment chart. employment. share of population aged 25 - 54. 1 ) percent now us de nm ark fin d lan ca n a ad no r y wa uk rla the ne s nd ja n pa en rep. ed h w s ec cz 1 ) latest observations. source : oecd those outside the labour market share a number of characteristics. 8 one is weak formal qualifications. among them, we find recently arrived immigrants and young persons who have dropped out of school. another is poor language skills. moreover, it is worrying that disability rates are rising, particularly among young people ( chart 18 ). 8 official norwegian report nou 2019 : 17 : arbeid og inntektssikring [ work and income security ] ( norwegian only ). norges bank chart 18 higher disability rates. change from 2010 to 2019. 1 ) share of population. percentage points 20 - 24 25 - 29 30 - 34 35 - 39 40 - 44 45 - 49 50 - 54 55 - 59 economic perspectives 13 february 2020 60 - 64 1 ) change from 30 september 2010 to 30 september 2019. source : norwegian labour and welfare administration ( nav ) the norwegian labour market is characterised by small wage differences. on the whole, small wage differences are an asset for the economy, partly because this entails higher skills and productivity requirements. on the other hand, it means that jobs for unskilled workers are limited. those in a weak position in the labour market may then struggle to enter the labour market, or re - enter after a period of unemployment. the economy ’ s structural features and the functioning of the labour market will determine the level of employment in the long run. economic policy plays an important role, particularly in terms of how education, tax and welfare policies are designed. for those who are at risk of being excluded, targeted measures may be necessary. monetary policy can serve as an employment cushion. in periods of falling labour demand, a more expansionary monetary policy will dampen the decline. by avoiding the deepest downturns, fewer people are likely to end up outside the labour force. but monetary policy cannot have a primary responsibility for the level of employment. keeping

accounts for a diminishing share of global co2 emissions, this could also affect emissions in other parts of the world, including emerging economies. while climate policy is being strengthened in a number of countries, the international picture is also one of resistance to the introduction of effective measures. a stricter climate policy also raises difficult discussions about burden sharing - not least between mature advanced economies and emerging economies. it is not surprising then that the eu ’ s carbon tax plans are being met with accusations of protectionism. so far, it has been difficult to achieve a sufficient reduction in global greenhouse gases. instead, emissions have increased. emissions in advanced economies are still high ( chart 11 ). emerging economies account for virtually the entire increase in global emissions in recent years. since 1990, emissions have tripled in asia, while they have been reduced by 30 percent in europe. chart 11 emissions on the rise in emerging economies. co2 emissons. gigatonnes africa americas ex. us asia ex. china china us europe source : our world in data at the same time, both energy consumption and living standards are low in many developing countries, and their emissions are barely visible in the chart. if these countries succeed in raising living standards, energy consumption will rise, which is unlikely to occur without higher emissions. the climate issue is therefore in large part about how poor countries can achieve solid economic growth without a continued rise in greenhouse gas emissions. with the rise in emissions we have seen, the world will have to prepare for and adapt to a warmer climate. at the same time, climate change impacts are becoming increasingly evident. this may lead to abrupt policy shifts. 4 von der leyen, u. ( 2019 ) : political guidelines for the next european commission 2019 – 2024. the outlook for future oil demand reflects considerable climate and energy uncertainty. businesses, banks and investors are paying more attention to this risk. the outlook for offshore activities on the norwegian shelf has also become more uncertain. norges bank economic perspectives 13 february 2020 the oil price decline in 2014 brought to light once again the important role of the petroleum sector for the economy. rather than being in a unique position, the norwegian economy had to restructure and adjust to lower demand in the oil industry. the oil price collapse marked the beginning of the restructuring that we had long known would come, but it started more abruptly than assumed earlier, for example by the holden iii commission5 ( chart 12 ). chart 12 business sector less dependent on oil.