How are the reforms benefitted mainly the service sector? Explain.
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The service sector makes an important contribution to GDP in most countries, providing jobs, inputs and public services for the economy. Trade in services can improve economic performance and provide a range of traditional and new export opportunities.
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Explanation:
Advantage and disadvantage of service based economy
1.It can give faster and more flexible adjustment in times of economic crisis or downturns.
2.It minimizes environmental degradation from heavy industry.
3.It allows for faster economic development than that which follows the traditional pattern.
4.Reduce the material & energy consumption.
5.Enhancement of Knowledge.
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