An user Dutch
says…

Het
Determiner
  tweede
Adjective
  aspect
Noun
  is
Auxiliary
  de
Determiner
  privatisering
Noun
.

The second factor is privatisation.
Words and sentences
New
het

New
tweede

second, number two

New
aspect

  1. aspect, element
  2. aspect, appearance
  3. aspect (grammatical category)

New
is

New
de

New
privatisering

privatisation (UK, Australia), privatization (North America)

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