Arctic Yearbook 2014 - Page 194

194 Arctic Yearbook 2014 The first point to be made is that given the volatility of natural resource markets generally and of fossil fuel prices particularly, countries that can maintain a balanced array of types of economic activities and avoid imbalanced dependence on extractive industries have a better chance of maintaining stable and steady growth rates than extractive countries. For example, Sweden’s high UN HDI and GII ratings over a long period of time suggest that by placing the emphasis on improving the quality of life, human development, and gender equality, it may fare better than more resource rich countries. Sweden has a thriving renewable resource industry in its forestry sector, and significant mining deposits, suggesting that resource exploitation is not the big problem – it is the way in which exploitation of volatile and nonrenewable resources is managed that is the biggest risk. Sweden and Norway also increasingl