explain why service sector is gaining more importance in global economy
Answers
The growth in global economy as a result of opening up of previously closed markets, developments in the field of logistics and transport, have resulted in the Service sector (Tertiary sector) gaining more importance.
Banking, transport, logistics etc. are major industries coming under the service sector, that have grown manifold in recent years. These can also be viewed as industries which are required to support the Primary (farming, mining fishing) and Secondary sectors (manufacturing).
> Service sector is gaining more importance in the global economy because of the following reasons-
1.- Service sector is gaining more importance because demand for basic services increases in the global economy.
2.- Development in service sector led to the increase in the importancy of service sector in global economy.
3.- Rise in income level also lead to the increase in the service sector.
4.- Growth of informational and communication technology lead to the increase in the service sector.
5.- As tertiary sector or service sector provides variety of goods show in the global economy its importancy increases.
6.- The service sector led to the increase in the literacy rate on knowledge among the workers working in it.
Conclusion- Hence, service sectors giving more importance in global economy than the primary or secondary sector.
I hope it will help you
Please remark me as brainliest