Role of services in the economy

madugundurukmini By madugundurukmini, 3rd Jan 2014 | Follow this author | RSS Feed
Posted in Wikinut>Family>Education

US found tremendous potential in services as a vital component of economic growth.

All over the world, the countries are accepting `Globalization' concept

When we look at the growth of services sector, we understand that services have played a dominant role and are still playing in developing an economy. The figures given elsewhere in this chapter clearly indicate that all advance economics get their major portion of GDP from services sector. Though the service sector identified in a big way today, it was existing from the time the barter economy emerged. It was a part of the exchange activity. Even in manufacturing activity, the services of different nature re associated in different stages of production. Services sector gained momentum, the world economies. Including US found tremendous potential in services as a vital component of economic growth. In all the advanced economic thee sis an absolute growth of job market in service sector.

Another positive development of service sector is that trade in services is growing at a faster rate all over the world. Man y world -class service providers, in association with local small service providers, are exporting the services such as knowledge, creativity and technology which every country in the world badly needs.

All over the world, the countries are accepting `Globalization' concept. This have given raise to the entry of new service activities such as information technology (IT), education, tourism, personal care, etc., in a big way. These services are bringing larger revenues to the countries in general and individual companies in particular.

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Comments

author avatar Kingwell
3rd Jan 2014 (#)

Good write.

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author avatar Retired
4th Jan 2014 (#)

Nice share.

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