Structural Transformation
Structural transformation refers to the significant shift in the economic structure of a country, often moving from an agriculture-based economy to one that is more industrialized and service-oriented. This process typically involves changes in the labor force, with workers transitioning from farming to manufacturing and services, leading to increased productivity and economic growth.
As economies develop, structural transformation can also result in changes in consumption patterns, investment, and technology. Countries like South Korea and China have experienced rapid structural transformation, which has contributed to their economic success and improved living standards for their populations.