Mitigating impacts in oil-dependent nations during the transition to a sustainable path of Economic Growth

Abstract

This thesis analyses how oil-dependent countries can transition toward sustainable economic growth while maintaining resilience to external shocks. It analyses the experiences of Norway, the United Arab Emirates (UAE), and Angola to identify the institutional, fiscal, and diversification strategies that promote stability. The study finds that transparent governance, budgetary discipline, and investment in human capital are critical for mitigating the risks of oil dependency. Norway and the UAE demonstrate that strategic diversification and strong policy frameworks can transform resource wealth into long-term prosperity. In contrast, Angola’s limited institutional capacity and overreliance on oil revenues continue to hinder its economic resilience. The research concludes that adopting inclusive, transparent, and forward-looking economic policies is essential to a successful, sustainable transition in oil-dependent economies.