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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