A criticality index for prioritizing economic sectors for post-crisis recovery in oleo-chemical industry

Abstract

Most countries have implemented lockdowns as the main non-pharmaceutical intervention in response to the global Covid-19 pandemic. Such actions have resulted in negative economic impacts on different sectors, which include manufacturing and processing industry. This concern has led to the need to develop post-lockdown “exit strategies” to mitigate the adverse socio-economic impacts. In this work, a systematic approach is developed to quantify the criticality of economic sectors based on a sector criticality index (SCI) and rank them based on their importance relative to the entire national economy. SCI is a weighted composite score based on five criteria which capture relevant dimensions in judging the importance of sectors: economic impact, connectivity, sector size, income multiplier, and employment. The input-output model is then used to evaluate the interaction amongst the economic sectors. The use of the proposed approach is illustrated with a case study focusing on evaluating the impact on oleo-chemical industries and associated agro-industrial sectors in Malaysia.

Rights

This item is embargoed on the source repository until 8/7/22. During the embargo, please contact the source repository to request a copy from the author for private study or research. Use of the article is governed by the following licence: https://creativecommons.org/licenses/by-nc-nd/4.0/ .

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DOI

https://doi.org/10.1016/j.jtice.2021.06.051

Repository URI

https://researchportal.hw.ac.uk/en/publications/13d98456-6deb-4706-9a7c-f73da4d71df7