Description
Title: Economic Sectoral Transformation in Times of Crisis and Stable Growth (A Case Study of the European Countries)
Abstract: One of the most important and dynamic parts of any social system that is affected by either internal or external factors is its sectoral structures. In order to identify the most stable industry sectors, the paper aims to reveal and validate characteristic features of transformation regarding economic sectoral structures during the socio-economic system’s crisis and the period of its coordinated development. This study highlights the unique sectoral changes that occurred in European nations between the 2008–2009 financial crisis and the period of steady economic growth from 2010 to 2019. The production, in-person, intellectual, and communication services sectors are the foundation of the analysis, which is based on Robert B. Reich’s sectoral structure. The Gatev coefficient is used in statistical data analysis, correlation analysis, and comparative analysis to carry out the research. Conclusion: Sectoral dynamics are flexible and dependent on planned changes brought on by either business expectations and interests or government intervention. Yet, shocks from the outside and inside (such as wars and economic turmoil) as well as unforeseen events are likely to cause transformation (natural disasters, epidemics, and pandemics). The majority of the aforementioned collisions have been experienced by the sectoral structure over the past 15 years. The sectors of in-person, intellectual, and communication services are least impacted by the economic downturn. The escalating dominance of the intellectual and communication services sectors in European nations is a key economic growth indicator. The proportion of mining and quarrying in the sectoral production structure is generally declining in favor of manufacturing and services.
Keywords: sectoral structure; sectoral dynamics; transformation; economic growth; economic crisis
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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