Denmark boasts "probably the best beer in the world" or so the famous Carlsberg advertisement would have us believe. According to HSBC, however, it's Norway that has "probably the best currency in the world". The krone is "the ultimate haven" and is set for "sustained appreciation".
It certainly looks appealing. Norway's economy grew by 1.4% in the fourth quarter and is expected to shrink by a modest 1.2% this year. The country boasts a current-account surplus of 5% of GDP, the biggest in the industrialised world, and a budget surplus of more than 12% of GDP. It has a sovereign wealth fund worth $350bn thanks to its oil revenues it is the world's fifth-biggest oil producer. Norway is a "surplus country" that can afford to get through this crisis, says Axel Merk of Merk Investments "an enviable position".
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