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Developing the Services Sector as Engine of Growth for Asia: An Overview

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  • Marcus Noland

    ()
    (Peterson Institute for International Economics)

  • Donghyun Park

    ()
    (Asian Development Bank)

  • Gemma B. Estrada

    ()
    (Asian Development Bank)

Abstract

The maturing of the manufacturing sector in many Asian countries, combined with the relative backwardness of its services sector, has made services sector development a top priority for developing Asia. Our central objective is to broadly survey and analyze the current landscape of the region's services sector so as to assess its potential to serve as an engine for inclusive economic growth. Our analysis indicates that services are already an important source of output, growth, and jobs in the region. However, its productivity greatly lags that of the advanced economies, which implies ample room for further growth. The impact of services sector on poverty reduction is less clear but we do find some limited evidence of a poverty reduction effect. One key challenge for all Asian countries is to improve the quality of services sector data. Overall, while services sector development is a long and challenging process, creating more competitive services markets by removing a wide range of internal and external policy distortions is vital for improving services sector productivity. As important as such policy reforms are, complementary investments in physical infrastructure and human capital will also be necessary to achieve a strong services sector.

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Bibliographic Info

Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP12-18.

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Date of creation: Oct 2012
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Handle: RePEc:iie:wpaper:wp12-18

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Keywords: Services; structural change; growth; productivity; Asia;

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  1. Leamer, Edward E, 1987. "Paths of Development in the Three-Factor, n-Good General Equilibrium Model," Journal of Political Economy, University of Chicago Press, vol. 95(5), pages 961-99, October.
  2. Jed Kolko, 2010. "Urbanization, Agglomeration, and Coagglomeration of Service Industries," NBER Chapters, in: Agglomeration Economics, pages 151-180 National Bureau of Economic Research, Inc.
  3. Perotti, Roberto, 1996. " Growth, Income Distribution, and Democracy: What the Data Say," Journal of Economic Growth, Springer, vol. 1(2), pages 149-87, June.
  4. Francois, Joseph & Hoekman, Bernard, 2009. "Services Trade and Policy," CEPR Discussion Papers 7616, C.E.P.R. Discussion Papers.
  5. Ejaz Ghani & Homi Kharas, 2010. "The Service Revolution," World Bank Other Operational Studies 10187, The World Bank.
  6. Marcus Noland & Howard Pack, 2003. "Industrial Policy in an Era of Globalization: Lessons from Asia," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 358.
  7. Dirk Pilat & Anita Wölfl, 2005. "Measuring the Interaction Between Manufacturing and Services," OECD Science, Technology and Industry Working Papers 2005/5, OECD Publishing.
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Cited by:
  1. Peter Daniels & Pengfei Ni, 2014. "Urbanisation and changes in the sectoral structure of economic development: the scale of the manufacturing sector in Chinese cities and the shift towards service industry," Working Papers hal-00943972, HAL.
  2. Jinjarak, Yothin & Mutuc, Paulo Jose & Wignaraja, Ganeshan, 2014. "Does Finance Really Matter for the Participation of SMEs in International Trade? Evidence from 8,080 East Asian Firms," ADBI Working Papers 470, Asian Development Bank Institute.
  3. Wignaraja, Ganeshan, 2014. "Assessing the Experience of South Asia–East Asia Integration and India’s Role," ADBI Working Papers 465, Asian Development Bank Institute.

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