Role and importance of Economic Restructuring in improving the quality of life of a city’s population
Aim. This study identifies the causes of the need to restructure the economy and assesses the impact of economic restructuring on the population’s quality of life. Results. This study demonstrates that the need for change in the economic structure arises when the economy of a city is unable to form a base sufficient to fulfill the existing social quality of life requirements. The following quality of life components are considered: health and life expectancy, standard of living, and lifestyle. Consequently, a causal connection is found between the level of development of these quality of life components and the need to restructure the economy. The author assesses the impact of primary and secondary outcomes of structural adjustments on the components of the financial elements of quality of life, which are funded using the income of the population, the city budget, and extrabudgetary funds. The author demonstrates the role of structural adjustment as a mechanism for economic recovery and improvement of the quality of a city’s population life, considering that the income of the population, the budget revenue and expenditure, the amount of funds allocated by enterprises (investors) for social events, and charity all depend on the level of economic development of the city. However, quality of life is not confined to the economic component. It also has social, political, and spiritual aspects; however, their improvement requires the involvement of other resources, along with economic means. An analysis of these components defines the importance of the structural adjustment of the economy in improving the quality of life of the population.