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STRUCTURAL REDEPLOYMENT OF THE ECONOMY AS AN IMPORTANT STEP TOWARDS SMART GROWTH

Baiba Rivža

Abstract

The term smart growth is defined as developing an economy based on knowledge and innovations (EC, 2010). According to Eurostat (Eurostat regional yearbook 2014, Eurostat yearbook 2018, etc.), an expansion of the knowledge-based economy segment is observed in the European Union, which leads to a structural redeployment of the economy. Accordingly, growth in the knowledge-based economy segment becomes an important research problem in each EU Member State. The authors analysed this process in three Baltic States, placing a special focus on Latvia, which is represented by the authors. Based on data of the World Economic Forum, Eurostat, the Latvian Business Register (LURSOFT) and the Central Statistical Bureau (CSB) of Latvia, the authors assessed the expansion of the knowledge-based economy segment and its structural components due to globalisation. A structural redeployment, first, in the economy as a whole, second, in the knowledge-based economy segment as a whole and, third, in each of the knowledge-based economy sub-segments has been observed in Latvia. The research results allow concluding that bioeconomy- and digitalisationrelated economic activities grew at the highest rates in the knowledge economy of Latvia. Consequently, opportunities for Latvia to become a strong innovator increase, and through contributing to smart growth, sustainable and inclusive growth is promoted as well.

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DOI resolver: doi.org/10.5593/sgem2019/5.3/s21.089

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