The Norwegian Oil Experience of Economic Diversification: A Comparative Study with Gulf Oil

Abstract

Norway is often regarded as a model example of how to manage the natural resources such as oil and gas. As an oil-rich country, Norway has proven its success in oil industry by taking its advantages for establishing and preserving a strong infrastructure and thus promotes and develops its economy. The aim of this study is to indicate how valuable the Norway experience in the Gulf countries by identifying the reasons of success, principles and polices adopted by Norway and to what extent the Gulf countries would benefit from it and what are the steps that should be taken by these countries to switch their concentration from only producing the oil to diversifying the economy. The author of this paper used the historical, descriptive and deductive methodology.

Keywords: Norwegian experience, economic diversification, gulf oil