Economic Diversification in the Arctic: Approaches to Sustainable Development Beyond the Commodity Sector

This article analyzes the transformation of the Arctic's economic model toward diversification beyond the traditional resource-based paradigm. Through an examination of institutional, infrastructural, and geopolitical constraints, the study identifies key barriers to sustainable regional development. Special attention is given to the comparative strategies of the eight Arctic states and the emergence of non-extractive sectors such as digital technologies, renewable energy, sustainable tourism, and bioresource processing. The analysis highlights that successful diversification depends on a combination of governmental support, local participation, and adaptive capacity in response to global challenges. It concludes that a balanced economic model is essential – one that aligns economic performance with environmental and social priorities.