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Article

Strategic forecasts for circular economy transition: Evaluation of the role of technology in economic development

Pedro Nunes Karina Sytnychenko
Abstract

The use of a circular economy, as opposed to linear production, allows for optimal waste utilization, reduces the shortage of resources, reduces the negative impact on the environment, and achieves competitive advantages through innovation. The driving force for this transition is a technological development that enables more efficient and rapid change. The study aims to assess the impact of technology on the transition to a circular economy, which gaining prominence amid challenges posed by population growth, climate change, and environmental degradation. A combination of quantitative and systematic analysis methods was used in the study, namely exploring, categorizing, and analysing case studies, and industry reports and conducting meta-analysis. The research identified key drivers for transitioning to a circular economy, including awareness of resource depletion, environmental concerns, technological advancements, changing consumer values, and government regulations. The study explored various circular economy definitions and categorized the development of its principles into stages from 1966 to 2023. The exploration into the complex role of technology demonstrated its potential to accelerate the adoption of circular economy principles globally. The research extended beyond conventional boundaries, illustrating technology's capacity to amplify the influence of sustainable practices. As industries balanced economic growth with environmental responsibility, the study provided empirical evidence of technology's efficacy in facilitating the transition to circular economies. This study contributed valuable insights into the critical link between technological development and the circular economy transition. Successful case studies and empirical assessments offered a pragmatic foundation for policymaking, corporate strategies, and ongoing research. The study holds theoretical significance in advancing the understanding of circular economy dynamics. At the same time, it practically informs policy formulation and corporate strategies conducive to sustainable economic transformation

Keywords

sustainability; circularity; closed loop economy; regenerative economic system

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Received 09.01.2024, Revised 01.04.2024, Accepted 03.06.2024

Retrieved from Vol. 11, No. 1, 2024

Suggested citation

Nunes, P., & Sytnychenko, K. (2024). Strategic forecasts for circular economy transition: Evaluation of the role of technology in economic development. Economics, Entrepreneurship, Management, 11(1), 25-36. https://doi.org/10.56318/eem2024.01.025

https://doi.org/10.56318/eem2024.01.025

Pages 25-36

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