Economic restructuring refers to the process of significant changes in an economy's composition, organization, and production methods. This often results in shifts from traditional industries to new sectors or technologies.
Related terms
Deindustrialization: Deindustrialization is when there is a decline in the importance of manufacturing industries within an economy.
Globalization: Globalization refers to the increasing interconnectedness and interdependence of countries through trade, communication, and cultural exchange.
Outsourcing: Outsourcing is when a company hires another company or individuals outside of its own country to perform certain tasks or produce goods.