The Sicilian Economy Across the Two Crises (2008-2020) - Adam Asmundo, Fabio Mazzola - Vita e Pensiero - Articolo Rivista internazionale di Scienze Sociali

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

digital The Sicilian Economy Across the Two Crises (2008-2020)
Article
journal RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI
issue RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2021 - 2
title The Sicilian Economy Across the Two Crises (2008-2020)
Authors
Publisher Vita e Pensiero
format Article | Pdf
online since 06-2021
doi 10.26350/000518_000066
issn 0035-676X (print) | 1827-7918 (digital)
€ 6.00

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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.

Authors biography

Adam Asmundo, Fabio Mazzola, Dipartimento di Scienze Economiche, Aziendali e Statistiche (Department of Economics, Business and Statistics), Università degli Studi di Palermo (University of Palermo). Email: Asmundo: adam.asmundo@unipa.it. Email Mazzola: fabio.mazzola@ unipa.it.

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