In addition, Bosworth said there isn't evidence of imprudent levels of public of private debt in Norway, unlike much of Europe. The sovereign fund is recorded as an asset of the Norwegian government and now equals about two times their income, he explains.
However, oil exports have raised the exchange rate and led to a loss of manufacturing jobs, Bosworth said.
Besides fjords and other commodities, Norway is also known for another export.
"Finally, I note that Norway has excellent mystery writers, although I have no proof that it can be traced to the sovereign fund," he points out.
In Photos: Countries With GDP Below Google's Market Cap