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Service Sector: Searching for Favourable Trends in the Global Economy

Author

Listed:
  • Tamara Vasil'evna VORONCHENKO

    (Russian Customs Academy, Lyubertsy, Russia)

  • Alexander Sergeevich TRISHIN

    (Russian Customs Academy, Lyubertsy, Russia)

  • Ekaterina Romanovna VETRUK

    (Russian Customs Academy, Lyubertsy, Russia)

Abstract

Services, as an economic phenomenon, originated in antiquity, representing simple exchanges between people in the form of, for example, oral transmission of knowledge, assistance in the production of goods, repeatedly evolved. Services facilitated trade and exchange between artisans and their guilds in the Middle Ages. For example, merchants hired “sepulchers” to protect their cargoes, and craft guilds offered various services to their members and customers. With the development of capitalism in the 18th and 19th centuries, services turned into a separate sector of the economy. This article is devoted to a comprehensive study of the services sector in the context of globalization in terms of the sector dynamics analysis in selected countries in 2010-2021. Particular attention is paid to the analysis and assessment of the state and prospects for the services sector in selected countries under globalization. Based on the results of the analysis, the main problems faced by different countries are idenfied and development trends in the global services sector are determined.

Suggested Citation

  • Tamara Vasil'evna VORONCHENKO & Alexander Sergeevich TRISHIN & Ekaterina Romanovna VETRUK, 2024. "Service Sector: Searching for Favourable Trends in the Global Economy," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 5, pages 38-47, May.
    • Handle: RePEc:alq:rufejo:rfej_2024_05_38-47
    DOI: 10.24412/2072-8042-2024-5-38-47
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    More about this item

    Keywords

    GDP; globalization; state; innovation; global economy; services; gauge effect;
    All these keywords.

    JEL classification:

    • L8 - Industrial Organization - - Industry Studies: Services

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