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The Sicilian Economy Across the Two Crises (2008-2020)

Author

Listed:
  • Adam Asmundo

    (University of Palermo)

  • Fabio Mazzola

    (University of Palermo)

Abstract

Based on official statistics and original estimates, the paper investigates the enduring consequences of the Great Recession and pandemic crises on the Sicilian economy. It underlines the need for regional resilience in response to the new industrial trends. Since 2008, gross fixed capital formation declined, unemployment and skilled outmigration raised. Most of the private savings turned into real estate and property rent. The percentage of value added originated from the non-observed economy expanded to one-fifth of the whole aggregate value-added. Still, simultaneously, some positive phenomena emerged in terms of new firm creation and export dynamics. In perspective, a policy linking household demand to high value-added services and manufacturing with more intensive use of skilled human capital might drive private savings to more productive uses. A new paradigm for growth is needed, with an overall sustainability flavour concerning infrastructure endowment, productive specialization, and administrative efficiency.

Suggested Citation

  • Adam Asmundo & Fabio Mazzola, 2021. "The Sicilian Economy Across the Two Crises (2008-2020)," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 129(2), pages 125-164.
    • Handle: RePEc:vep:journl:y:2021:v:129:i:2:p:125-164
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    More about this item

    Keywords

    Crisis; Sicily; Regional Development; Resilience;
    All these keywords.

    JEL classification:

    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General
    • R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Regional Migration; Regional Labor Markets; Population
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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