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Prosperity in a changing world: Structural change and economic growth

Author

Listed:
  • Demary, Vera
  • Grömling, Michael
  • Kolev, Galina
  • Matthes, Jürgen

Abstract

Structural change is both a challenge and an opportunity for countries and companies. However, there is no silver bullet in terms of superior economic models. Instead, different economic models can deal with structural change in a successful way. Both economies with a focus on services and those with a high share of manufacturing are able to achieve a high degree of economic growth and prosperity. Success factors are related to a solid performance with regard to the key drivers of structural change: globalisation, interconnectedness, innovation and knowledge as well as the economic framework. Economic policy - also at the EU level - should support companies and economies in reaping these potential benefits: fostering open and flexible markets as well as supporting European value chains and an intensification of knowledge in the production of goods and services are key success factors in this respect.

Suggested Citation

  • Demary, Vera & Grömling, Michael & Kolev, Galina & Matthes, Jürgen, 2016. "Prosperity in a changing world: Structural change and economic growth," IW policy papers 6/2016, Institut der deutschen Wirtschaft (IW) / German Economic Institute.
    • Handle: RePEc:zbw:iwkpps:62016
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    More about this item

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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