What is the contributions of the service sector in the economic development of a country.(any two points).?
Answers
Hello Mate
The service sector was contributing about 28% total employment in the whole country in 2012.
It is important to point out that within the services sector employment growth rate is highest in finance, insurance, and business services, followed by trade, hotels and restaurants and transport etc.
The development of service sector promotes and adds value to the agricultural sector. Service sector provides finance, marketing, transport, insurance for the development of the agriculture sector. ... Service sector can play a major role in reducing inequalities in the distribution of income in the economy.
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Answer:
According to Kaldor (1996), the industry of transformation, which will be referred to in this paper only as the industry, plays a central role in economic growth, being the most dynamic industry and the one responsible for the differences observed between economic growth rates. These laws assume that industrial production growth contributes to its sector’s productivity growth, prompting in its turn an economic growth process that reinforces itself.