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Service sector development in Asia: an important instrument of growth

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  • Jungsuk Kim
  • Jacob Wood

Abstract

The under‐developed service sector in Asia has the potential to become a new engine of economic growth for developing Asia, which has for a long time relied on export‐oriented manufacturing to power its growth. The study seeks to achieve three objectives. First, to provide a comprehensive analysis of the service sector by detailing industry trends, its growing importance to the region, its synergy with industry, and its ability to achieve more inclusive growth. Second, to highlight productivity concerns in the sector and propose relevant strategies for achieving greater productivity gains. Finally, to establish a set of policy provisions based around the infrastructural, human capital, and regulatory gaps that exist across the Asian service sector. Overall, the analysis provides substantial cause for optimism about the role of the service sector as an engine of growth in Asia.

Suggested Citation

  • Jungsuk Kim & Jacob Wood, 2020. "Service sector development in Asia: an important instrument of growth," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 34(1), pages 12-25, May.
    • Handle: RePEc:bla:apacel:v:34:y:2020:i:1:p:12-25
    DOI: 10.1111/apel.12282
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    References listed on IDEAS

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    Cited by:

    1. Jee Hoon Lee & Jacob Wood & Jungsuk Kim, 2021. "Tracing the Trends in Sustainability and Social Media Research Using Topic Modeling," Sustainability, MDPI, vol. 13(3), pages 1-19, January.
    2. Taehwan Rhee & Jacob Wood & Jungsuk Kim, 2022. "Digital Transformation as a Demographic and Economic Integrated Policy for Southeast Asian Developing Countries," Sustainability, MDPI, vol. 14(5), pages 1-19, March.
    3. Sidong Zhao & Kaixu Zhao & Yiran Yan & Kai Zhu & Chiming Guan, 2021. "Spatio-Temporal Evolution Characteristics and Influencing Factors of Urban Service-Industry Land in China," Land, MDPI, vol. 11(1), pages 1-32, December.
    4. Nadeem Ahmad Bhat & Sandeep Kaur, 2024. "Technical Efficiency Analysis of Indian IT Industry: A Panel Data Stochastic Frontier Approach," Millennial Asia, , vol. 15(2), pages 327-348, June.
    5. Yassin, Jain & Aralas, Sarma, 2020. "The Service Sector and Carbon Emission Nexus: Revisiting Environmental Kuznets Curve," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 54(2), pages 113-124.
    6. Ping Zhang & Xiaojuan Yang & Hua Chen & Sidong Zhao, 2023. "Matching Relationship between Urban Service Industry Land Expansion and Economy Growth in China," Land, MDPI, vol. 12(6), pages 1-29, May.

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