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Economic Diversification In Resource-Based Economies: Norway Experience

Author

Listed:
  • 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)

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.

Suggested Citation

  • Alisa Magdich & János Szenderák & Mónika Harangi-Rákos, 2021. "Economic Diversification In Resource-Based Economies: Norway Experience," Pressburg Economic Review, Pressburg Economic Centre, London, UK, vol. 1(1), pages 27-36, December.
    • Handle: RePEc:awb:perjnl:v:1:y:2021:i:1:p:27-36
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    Cited by:

    1. Tereza Matasová & Marek Vochozka & Zuzana Rowland, 2022. "Alternative costs of equity of coal mining companies taking into account a context of the Russian Invasion into Ukraine," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 10(2), pages 394-407, December.

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