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Structural transformation

A process of major change in a country’s economy. This can involve a large-scale transfer of resources from primary to industrial sector activity, as in many newly industrialized countries. It can also involve a shift in methods of economic organization, from a mainly planned to a largely market-based economy, as in many previously planned economies of the former Soviet Union and Central and Eastern Europe.

Reference: Oxford Press Dictonary of Economics, 5th edt.