“In light of the series of negative surprises that have hit the world economy this year, activity has not only held up well, but has also been surprisingly stable,” says NHO’s recent report Economic overview.

That 2025 has been a turbulent year in the world economy is no exaggeration. NHO describes the year as a watershed, both politically and economically.

But even if war, conflict and Donald Trump’s tariff war have really left their mark on the world, it has not had the violent effects on the world economy.

Norway’s Economy Navigates Global Trade Dynamics

The Norwegian economy has demonstrated resilience, performing well in 2025 and showing continued stability for the year ahead, according to NHO’s chief economist Øystein Dørum. A key factor contributing to this positive outlook is the limited participation of countries – excluding china – in global customs agreements.

Dørum emphasizes that the current situation largely involves the United States dictating terms to othre nations regarding access to the US market.”What we have received are dictates from the USA on what other countries must accept to sell to the USA,” he states.

Moreover, Norwegian companies have proven their ability to adapt to these evolving global trade dynamics, contributing to the overall economic strength.

Economic Uncertainty Persists, Further Consequences Expected

The global economy faces continued uncertainty, with potential for further downturns, according to recent analysis. NHO estimates a global growth of around 3% for both this year and next, but warns of important downside risks. A possible escalation of the trade conflict between the US and China, and retaliatory measures from other countries, remain key concerns.

“You ain’t seen nothing yet,” quotes Ola Dørum, referencing Bachman-Turner Overdrive, to emphasize that the full consequences of current economic shifts haven’t yet materialized. He explains that adapting to new customs thresholds and relocating production takes time.

Dørum suggests two possible scenarios: one where the economy largely follows the trajectory predicted a year ago, despite the shocks of 2025, and another where conditions worsen. This could involve Europe responding more forcefully to Chinese goods dumping, further action from the US, or shifts in geopolitical security, such as Russia exploiting perceived weaknesses in US policy.

The outlook remains fluid, and businesses should prepare for a range of potential outcomes.

Norwegian Salmon Exports Rise in November

Norway exported 119,000 tonnes of seafood worth NOK 10.4 billion in November, according to the Norwegian Seafood Council. This represents an increase of 6 percent in volume and 3 percent in value compared to November last year.

Salmon exports accounted for the largest share, with a volume of 74,000 tonnes valued at NOK 6.8 billion. This is an increase of 8 percent in volume and 5 percent in value compared to November 2022.

“The increase in salmon exports is positive, but it is significant to remember that the global picture is not particularly strong. some of the increase is due to some larger individual deliveries, which are reflected in the figure. The weak norwegian krone also plays a role,” says Paul T.Dørum, analyst at the Norwegian Seafood Council.

France remains the largest market for Norwegian salmon, followed by Poland and the United States. Exports to the United States increased by 18 percent in volume in November.

Trout exports also saw growth,increasing by 13 percent in volume and 10 percent in value. cod exports,however,declined by 11 percent in volume and 18 percent in value.

the Norwegian seafood industry continues to perform well, despite challenging global economic conditions.