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

Adam Asmundo () and Fabio Mazzola ()
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Adam Asmundo: University of Palermo
Fabio Mazzola: University of Palermo

Rivista Internazionale di Scienze Sociali, 2021, vol. 129, issue 2, 125-164

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.

Keywords: Crisis; Sicily; Regional Development; Resilience (search for similar items in EconPapers)
JEL-codes: R10 R11 R23 R58 (search for similar items in EconPapers)
Date: 2021
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