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The Basque Country's second economic transformation


The Basque economy has been greatly modernized and transformed during the last two decades; the economy has gone through a process of industrial diversification and outsourcing.  Meanwhile, strong growth rates, above the EU average, have been registered in economy and employment, which has favoured the convergence in per-capita terms.

The transformation is explained by the convergence of different economic and institutional factors, those that stand out are the public policies made possible by restoring the Statute and the Economic Agreement and open markets derived from the incorporation to the European project, which in its last participation phase in the Monetary Union posed a clear competitive advantage derived from the type of level change which favoured the growth of the Basque economy.

However, at the beginning of this decade the driving force of these factors lost steam.  Income levels in the Basque Country got closer to those of many regions in France and Germany, while the new economies of countries in the expansion to the east that are now witnesses to the competitive advantage in costs and the possibility to supply Central European markets.

It was therefore necessary to draw up a new economic strategy with the objective of undertaking the so termed second economic transformation of the Basque Country.  A society that has reached the level of development that the Basque society has now reached cannot continue to approach the future in terms of adopting foreign technologies and cost advantages, but must approach the challenge of innovation, quality and creation of knowledge.

The Basque Country's second economic transformation is based on three pillars: create a society of information and knowledge, make the Basque Country the reference point in Europe for investigation and technology and broaden the principal of total quality as a form of managing organizations.

 

        The second great transformation (pdf 882 Kb)

Fecha de la última modificación: 21/04/2009