Question

Important of service industries refer to industry and modern society

Answer 1

The Service Economy

• The world economy is evolving into a service-driven economy as reliance on value-based service increases.

The Service Economy

• The world economy is increasingly characterized as a service economy. This is primarily due to the increasing importance and share of the service sector in the economies of most developed and developing countries.

The Role Of the Service Economy In Development

• As of 2008, services constituted over 50% of GDP in low income countries. As their economies continue to develop, the importance of the service sector continues to grow.