ECONOMIC DIVERSIFICATION IN RESOURCE-BASED ECONOMIES: NORWAY EXPERIENCE

Alisa Magdich, János Szenderák and Mónika Harangi-Rákos
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Alisa Magdich: Department of Global Economics, Alfred Nobel University, Dnipro, Ukraine
János Szenderák: University of Debrecen, Faculty of Economics and Business, Hungary
Mónika Harangi-Rákos: University of Debrecen, Faculty of Economics andBusiness, Hungary

Pressburg Economic Review, 2021, vol. 1, issue 1, 27-36

Abstract: The need for economic diversification in oil-rich countries is mainly explained by the following reasons. First, oil returns became seriously concerned by highly volatile and unstable oil prices. Second, there is an increasing pressure on all the countries to decrease their use of fossil fuels in order to avoid global warming from becoming worse and avoid the worst consequences of climate change. In current paper, we have considered the experience of Norway in diversifying the economy. In contrast with other resource- based countries, Norway has not demanded oil incomes to relieve poverty-related issues or to sustain any particular political regime. The country has developed strong political, economic and legislation system in order to avoid resource-curse dependency.

Keywords: economic diversification; resource-based; oil; Norway; resource-cursedependency (search for similar items in EconPapers)
Date: 2021
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