Norway’s sovereign wealth fund loses $164 billion- Check out in detail
Norway’s Government Pension Fund Global, among the world’s largest investors, returned -14.1% last year.
The market was impacted by war in Europe, high inflation, and rising interest rates. This negatively impacted both the equity market and bond market at the same time
Norway’s sovereign wealth fund on Tuesday reported a record loss of 1.64 trillion Norwegian kroner ($164 billion) for the whole of 2022
The fund’s previous largest loss was 633 billion kroner in 2008 amid the global financial crisis.
The $1.3 trillion fund was established in the 1990s to invest the surplus revenues of Norway’s oil and gas sector.
Norway’s vast North Sea oil and gas reserves are the bedrock of the fund’s wealth.
Norway’s Foreign Ministry has said it is fully aware of the responsibility that comes with its energy resources.
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