￼The Service Sector in Lower-Income Asian Economies
Gemma Estrada (),
Mirzo Iskandar Gulamov,
Mohammad Zahid Hossain,
Donghyun Park () and
Additional contact information
Yubraj Acharya: Asian Development Bank
Aaron Batten: Asian Development Bank
Peter Brimble: Asian Development Bank
Poullang Doung: Asian Development Bank
Mirzo Iskandar Gulamov: Asian Development Bank
Mohammad Zahid Hossain: Asian Development Bank
Dominic Mellor: Asian Development Bank
Shamsur Rahman: Asian Development Bank
No 347, ADB Economics Working Paper Series from Asian Development Bank
In the past 10 years, the service sector has been a significant contributor to overall economic growth in Bangladesh, Cambodia, Nepal, Papua New Guinea, Uzbekistan, and Viet Nam. Sector growth has been supported by strong industrial growth in some while in others the critical factors have been liberalization, structural reforms, government support, and foreign investments. In order to increase the labor productivity of the sector and realize its potential to contribute to inclusive growth, these countries must address gaps in human capital and the higher costs of setting up new businesses and of doing business that stifle entrepreneurship and private enterprise. These impediments also stand in the way of developing the industry sector and of broader economic growth and development. Policy reforms that ease those impediments will help to achieve balanced growth in which the service and industry sectors support and reinforce each other. As services tend to be more labor intensive, they can foster inclusive growth by serving as an engine for creating jobs.
Keywords: services; structural change; growth; Asia (search for similar items in EconPapers)
JEL-codes: O14 O40 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ris:adbewp:0347
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