Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/310395 
Year of Publication: 
2024
Series/Report no.: 
Discussion Papers No. 1014
Version Description: 
Corrected: January 2025
Publisher: 
Statistics Norway, Research Department, Oslo
Abstract: 
Petroleum-producing countries face unique challenges in meeting global emissions targets. As global petroleum consumption declines, these nations must reallocate resources and phase out a historically profitable industry. This study examines Norway's economic transformation resulting from a significant downturn in the petroleum sector, akin to a reverse Dutch disease. Industries linked to petroleum, particularly those supplying factor inputs, must pivot to new markets, while other sectors may benefit from real exchange rate depreciation. Our findings indicate that long-term macroeconomic adjustments are modest, whereas short-term effects can be significant but are largely mitigated through standard fiscal and monetary policy measures.
Subjects: 
Petroleum industry
Green transition
Dutch disease
JEL: 
Q32
Q54
E60
F41
Document Type: 
Working Paper

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