SPECIALIZATION OF NATIONAL ECONOMY AS A FUNDAMENTAL DRIVER FOR ECONOMIC GROWTH AND WELFARE
DOI:
https://doi.org/10.31713/ve1201922Keywords:
economic specialization, economic structure, drivers for economic growth, economic complexity, economic policy.Abstract
The Article starts up a discussion on the role and significance of varied factors for economic growth at the level of the national economy. The work explores how exports basket and specialization of national manufacture impacts national GDP and incomes of the population. It is substantiated that specialization in certain types of economic activity is a key factor to accelerate economic growth and raise the level of well-being of the society. The author provides arguments which prove the fact that efficient economic specialization of the country is a key criterion which determines its economic development; and the impact of this criterion is even more significant than such important factors as institutional environment, qualitative and accessible education, infrastructure development, rule of law, and political stability. The Article suggests a set of assessment criteria for the “quality” of economic activities in the context of creation the efficient economic specialization of the country. In the scientific work a hierarchy of types of economic activity was elaborated in order to create an efficient economic policy for structural modernization and acceleration of the national economic growth. The author determines the principle of differentiation of the state policy towards varied types of economic activity depending on their “quality” as sources of economic growth.References
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