Arctic Economies and Their Economic Development

In General

Measured in relation to the world economy, the most interesting economic fact is that the Arctic includes less than 1% of the world population but 10-15% of minerals and energy resources. Furthermore, comprehensive areas of the Arctic are relatively unknown and unresearched. Finally, the location of the Arctic makes it both of interest for new transportation routes if relevant technology can be developed and interesting in relation to space research and defense systems. Due to these facts, the Arctic is still a technical challenge and a territory with a geostrategic priority. In the future, this position will also be a reason for transfer of income and subsidies to the Arctic as well as for power play positions.

The Arctic includes high-income territories (Iceland, Arctic Norway, Greenland), medium-income territories (Arctic Finland, Arctic Sweden, Alaska), and in the lower end Arctic Canada. The income in Arctic Russia is extremely low from a total Arctic perspective and nowadays also low from a Russian perspective. The income distribution is relatively equal in Iceland, Arctic Finland, Norway, Sweden, and Russia. It is unequal in Greenland, Canada, and Alaska.

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