March 20, 2020 / 11:05 AM / 20 days ago

Norway's economy set to shrink by 1% in 2020 amid virus outbreak

OSLO, March 20 (Reuters) - The Norwegian economy could shrink by 1% in 2020 due to the coronavirus outbreak, even as massive economic stimulus is pumped into companies and households, the government predicted on Friday.

In its original budget, released late last year, the finance ministry had predicted growth of 2.5%.

The government has proposed a range of measures to mitigate the crisis, amounting to some 280 billion crowns ($25.71 billion), it said. ($1 = 10.8909 Norwegian crowns) (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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