Service sector development in Asia: an important instrument of growth

Jungsuk Kim and Jacob Wood

Asian-Pacific Economic Literature, 2020, vol. 34, issue 1, 12-25

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.

Date: 2020
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