Albania: The Role of Intangible Capital in Future Growth

znanstvena monografija

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EAN koda: 9789612402396
ISBN koda: 978-961-240-239-6
Fizični opis: 182 str.
Izdajatelj: Ekonomska fakulteta
Tisk: Copis
Datum izdaje: 27.8.2012
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O knjigi
Albania has made significant progress since the beginning of its transition. Its GDP per capita has risen several times and the country has restructured a large share of its productive means. If economic growth has been, until now, achieved primarily through restructuring and export orientation of cost competitive low value added industries, its future growth strategy, still export oriented, will have to shift towards higher value added production in order to further excel GDP growth and the transition of the country towards middle income countries.

Successful economic growth in transition economies and many other emerging economies largely depends not only on increasing export orientation of the economy, but also on moving production towards more demanding segments. For example in Korea, industrialization was based on producing low value added products like simple products in electronics and machinery. But the strategic orientation of both companies and, more importantly, the state, helped Korea become a leading producer in many segments of the global market, thus taking the primary position from developed countries for some products (such as LCD television screens produced by LG, formerly led by the Japanese and also Samsung; steel-making by the company POSCO) and strengthening its position with other products (such as car industry companies Hyundai and Kia) with the desire to further excel based on its global growth. The trickle-down impact of a few strong, more technologically advanced export-oriented companies is also far from negligible. Domestic value chains can benefit from higher demand for their products, but the impact of these companies primarily opens opportunities in terms of future sales in global markets, access to new knowledge, and technology, thus increasing growth potential.

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