Wednesday, August 05, 2009

Another good lesson from Scandinavian

My admiration to Scandinavian has not yet over. In fact, it keep coming on due recent economic crisis where we see how the world, including most of developed as well as superpower countries, facing the global economic downturn. The article titled "Why Scandinavia can teach us a thing or two about surviving a recession" definitely could hinted us few things on how they respond to the crisis. The way Scandinavia respond to economic situation is not only due to the crisis, but also during their "happy" moment.

One good lesson regarding natural resources richness management - as I assumed that Indonesia to some extent also having this kind of advantage - could be cited from Norway

Norway shines especially brightly: unlike Britain, it is saving its North Sea oil and gas revenue into a sovereign wealth fund, not worth 2.384 trillion kroner (£228bn), or 1.4 times its GDP. Only 4% of the fund goes into the national budget, the rest is saved for future generations. So when Norway needed to find money to stimulate the economy, it was able to find it without having to cut public budgets or increase taxes, as Britain is set to do.

The bottom line of this strategy is to keep the economic transformation go on in sustainable pace and put the point of view in longer term by doing saving today for future better endowments. With a lot of natural resources that Indonesia have, this kind of strategy worth to be consider and to apply as it will definitely prevent the worse of another possible shocks as well as serve our future generations with sufficient wealth.
Let's change our perspective first and save for the better future...

No comments: