What is the contribution of the service sector in the economic development of a
country?
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Answer:
Service activities have become the main engine for sustainable development. The share of services in the global economic output is about 70% and their contribution to global employment is about 40%.
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The service sector plays a very important role in the generation of services as well as employment.
Explanation:
- The service sector has grown tremendously over the past decade and contributed a lot to the economic development of the nation.
- The service sector involves professional services such as teaching, medical services, communication services, transportation, etc.
- The services are not only helpful for the direct customers but also for other businesses in the economy.
- They generate huge employment opportunities and help in economic development.
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