How has the economy of luxembourg adjusted to the decline of the steel industry

Question

Geography

Selah

20 July, 22:36

How has the economy of luxembourg adjusted to the decline of the steel industry

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Answers (2)

Know the Answer?

Susan Cobb · Answer 1

by diversifying with high tech and service companies

Harrison Patrick · Answer 2

The economy of Luxembourg adjusted to the decline of the steel industry by focusing mainly on services, notably finance and telecommunications.

Explanation:

The government of Luxembourg decided to improve its strengths by developing new industries after facing a fall in the steel industry in 1970's. The economy of Luxembourg has adjusted from this great decline in order to become one of the strongest in Europe.

The economy of Luxembourg has shifted from its dependence on the steel industry by focusing mainly on finance and telecommunications services. Now, financial centers in World includes Luxembourg in top 10.