OSLO, May 15 (Reuters) - The Norwegian economy is recovering but the oil-producing country still struggles to overcome the effects of a sharp fall in oil prices, central bank Governor Oeystein Olsen told parliament in an annual policy hearing on Monday.
"The past couple of years have been demanding. Growth is now picking up, but the pace of growth is not expected to rise to the levels prevailing before the fall in oil prices," Olsen said.
"The Norwegian economy is undergoing restructuring. Monetary policy can facilitate this process, but the necessary adjustments must come from the business sector," he added. (Reporting by Terje Solsvik and Camilla Knudsen, editing by Gwladys Fouche)