Beginning in the 20th century, Luxembourg experienced several periods of transition. The largely agriculture-based economy became industrialized, driven by a powerful steel industry which remained the dominant sector from the immediate post-Second World War years to the mid-1970s. In 1974 the steel industry began to decline, marking the end of the ‘Trente Glorieuses’. Luxembourg was forced to implement considerable structural changes and embarked on its
second major transition, from an industrial economy to a service economy based on the financial sector. To guarantee its future position in a competitive globalized environment, the country needed to diversify its economy by focusing on state-of-the-art fields with high added value, while
preserving the competitiveness of the financial sector. Luxembourg continued to prioritize innovation as the main driver of sustainable and inclusive growth, embarking on its digital transition in order to build a "smart nation".
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