Prerequisites and scenarios for the EU economy transformation inlight of Industry 4.0 development
Vol. 16, No 2, 2023
Inessa Sytnik
Faculty of Economics and Management, Opole University of Technology, Poland i.sytnik@po.edu.pl ORCID0000-0002-7350-9639 |
Prerequisites and scenarios for the EU economy transformation inlight of Industry 4.0 development |
Artem Stopochkin
Faculty of Economics and Management, Opole University of Technology, Poland a.stopochkin@po.edu.pl ORCID 0000-0003-2466-3725 Janusz Wielki
Faculty of Economics and Management, Opole University of Technology, Poland j.wielki@po.edu.pl ORCID 0000-0001-8973-768X Said Edaich
Faculty of Economics and Management, Opole University of Technology, Poland s.edaich@po.edu.pl ORCID 0000-0003-0128-9734 Bogdan Sytnik
University of Economics in Katowice, Poland bsytnik@outlook.com ORCID 0000-0003-3943-8360
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Abstract. The purpose of this study is to verify the condition of European Union economy and its ability to effectively implement the concept of sustainable development in the era of the fourth industrial revolution. To achieve the goal settled by this research, we used the technical indicator MACD (Moving Average Convergence / Divergence), based on the assessment of the convergence and divergence of moving averages of macroeconomic indicators. The studies carried out made it possible to identify three scenarios for the state of the EU economy after 2022. All these scenarios pose a high risk of a crisis phenomena in this economic system. According to the optimistic scenario, after 2022, a downward correctional wave is predicted in the EU-27 economy with the emergence of a situation similar to the situation in 2008. The search for a new economic model based on the active implementation of Industry 4.0 technologies can become a way for the EU economy to recover from the crisis and move to a qualitatively new level of socio-economic development. |
Received: July, 2022 1st Revision: March, 2023 Accepted: May, 2023 |
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DOI: 10.14254/2071-8330.2023/16-2/5
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JEL Classification: F63, Q28, Q43, Q55 |
Keywords: European Union economy, economic model, Industry 4.0, economic development, scenarios of economic development |