It is because of its strong linkages with other sectors of the economy that the growth of the services sector can be taken as an indicator of the strong potential for overall economic growth. Cross country data reveals that structural transformation of most countries has been multi-stage. Inthe ranking of Pakistan slipped from to in the list of countries.
Share Tweet Email An analysis shows that the share of agriculture has been declining gradually over time from In case of Pakistan, the share of services is increasing in all sectors of the economy.
The oil marketing companies here are big because we have a power demand or they are so big and still we have a power shortfall?
The sector also has strong backward and forward linkages with other sectors of the economy and contributes significantly to the cross border trade. In fact, the growth rate of services sector is higher than the growth rate of agriculture and the industrial sector and it now accounts for one third of total employment.
But they are from the services sector. It means that countries that have placed restrictions on the import of services have undermined the capacity of their national manufacturing firms in exporting goods. This is not to say that agriculture or industry have no role or future in Pakistan, far from it, but it does show how the services industry has latched on to the spending boom and catapulted itself to the top of the food-chain, literally.
This trend where services sector, domestic and imported, being a significant enabler in the manufacturing and production of goods, has led to the servicification of manufacturing and reclassification of industrial activities such as purchase, production, marketing, sales and customers relationship.
Countries usually measure trade in services through the balance of payment maintained by the central banks. It is important for the policymakers to realise that global competiveness is achieved not by defensive or protective approaches but through aggressive and bold steps by liberalising trade both goods and servicesparticularly in Mode 3 and 4 of the supply of services.
We can thus conclude that manufacturing and export of goods is dependent on the availability of competitive services both domestic and foreign. This should really come as no surprise considering the fact that the services sector is the largest and fastest growing sector in the world economy, accounting for the largest share in total output and employment in most developed countries.
It complements the production process and is considered the glue that binds the various segment and components of the finished goods. I am not sure what to infer from this. This ranking is an important barometer used by public and private sectors globally to make economic and investment decisions.
In the first stage of transformation, the decline in the share of the agriculture sector has been seen to be compensated by an almost equal increase in industry, whereas share of services sector has remained stagnant. Share Tweet Email It is important for the policymakers to realise that global competiveness is achieved through aggressive and bold steps by liberalising trade both goods and services.Services sector pakistan 1.
Service Sector of PakistanPresentation by:Open Academy 2. The Service Sector in Perspective• The Service sector accounts for 60% of global GDP and 30% of global employment (World Development Indicators).• Service sector accounted for % of GDP in FY (Economic Survey of Pakistan). Pakistan Bureau of Statistics Statistics House, Mauve Area, G-9/1, Islamabad, Pakistan E-mail: [email protected]@mi-centre.com 3.
Global Perspective of Services Sector 3 4. Contribution of Services Sector i n Economic Growth 5 5. Pakistan Service Trade 8 6.
Employment in Services Sec tor 12 7. Conclusion and Recommendations 16 Appendix 17 References 18 List of Tables Table 1. Classification of Services Sector in Pakistan 2 Table 2. Inpercent of the employees in Pakistan were active in the agricultural sector, percent in industry and percent in the service sector.
The Statistics Portal Statistics and. The services sector has provided steady support to Pakistan’s economic growth. It share in GDP now stands a more than 50 percent.
The paper analyses its continuation in the growth of the economy in general and the development of trade and genera tion of employment in particular.
The study. KARACHI: The services sector, which according to the World Trade Organisation (WTO) is the fastest growing sector of the global economy, contributes 70% to the global output. It also accounts for a quarter of the total global .Download