Sources of income in the economy of pleasure: new growth vectors of developing countries in Industry 4.0

Abstract

The purpose of the paper is to determine the additional opportunities for development of the pleasure economy based on the sources of income that appear in new growth vectors of developing countries in Industry 4.0 and to develop recommendations for activation of these growth vectors and practical implementation of these opportunities. The authors perform an overview and analysis of statistical information on the topic of economic growth rate, the share of mid-tech and hi-tech production in the structure of industry, and competitiveness of Industry 4.0 in developing countries which showed the highest rate of economic growth in 2019 according to the World Bank statistics. The research methodology consists of a complex of general scientific methods and the econometric methodology of statistical data analytics. It is substantiated that new vectors of economic growth appear in developing countries in the conditions of Industry 4.0. The offered recommendations will allow overcoming the determined contradictions and activating new growth vectors of developing countries in Industry 4.0.