After World War II, Norway experienced rapid economic growth, becoming the fastest-growing economy in Europe until 1950. This was achieved partly through rationing private consumption, which allowed for higher industrial investments. The Labour Party, which retained power throughout the period, emphasized public planning to guide reconstruction.
Key developments included the creation of the University of Bergen in 1946 and a significant boom in hydroelectric power construction in the 1950s. The state built the Norsk Jernverk steel mill and two aluminum works. Government institutions like the State Housing Bank and the State Educational Loan Fund allowed for control over private debt, shaping economic life.
Oslo’s hosting of the 1952 Winter Olympics highlighted Norway’s recovery and growing international status. This post-war period of development, characterized by state planning and industrial growth, laid the foundation for Norway's modern prosperity.