Service sector development in Asia: an important instrument of growth

Kim, Jungsuk, and Wood, Jacob (2020) Service sector development in Asia: an important instrument of growth. Asian-Pacific Economic Literature, 34 (1). pp. 12-25.

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Abstract

The under‐developed service sector in Asia has the potential to become a new engine of economic growth for developing Asia, which has for a long time relied on export‐oriented manufacturing to power its growth. The study seeks to achieve three objectives. First, to provide a comprehensive analysis of the service sector by detailing industry trends, its growing importance to the region, its synergy with industry, and its ability to achieve more inclusive growth. Second, to highlight productivity concerns in the sector and propose relevant strategies for achieving greater productivity gains. Finally, to establish a set of policy provisions based around the infrastructural, human capital, and regulatory gaps that exist across the Asian service sector. Overall, the analysis provides substantial cause for optimism about the role of the service sector as an engine of growth in Asia.

Item ID: 62384
Item Type: Article (Research - C1)
ISSN: 1467-8411
Copyright Information: © 2020 Crawford School of Public Policy,The Australian National University and John Wiley & Sons Australia, Ltd
Date Deposited: 04 Mar 2020 04:18
FoR Codes: 14 ECONOMICS > 1402 Applied Economics > 140202 Economic Development and Growth @ 100%
SEO Codes: 91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910103 Economic Growth @ 100%
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