hollowing-out phenomenon
Economics term referring to the deindustrialization or loss of domestic manufacturing and jobs due to companies moving operations overseas.
As the hollowing-out phenomenon progresses, domestic employment decreases.
空洞化 is the process of hollowing out; 空洞化現象 is the phenomenon itself, often used in economic contexts.
Compound of 空洞 (hollow) + 化 (-ization) + 現象 (phenomenon). The term is a direct translation of the English 'hollowing-out phenomenon' used in economics.