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By the Numbers: The Growing Role of Services in Asia
Strengthening labor-intensive services can help developing Asia pursue inclusive, sustainable growth. Figures from Asian Development Outlook (ADO) 2012 Update’s special chapter, Services and Asia’s Future Growth, underscore the service sector’s potential for reducing poverty across the region.
48.5%: The service sector accounted for about half of developing Asia’s output in 2010.
Three-fifths or more: Services’ contribution to economic growth has been higher in South Asia than in other subregions of developing Asia. In India, the Maldives, Pakistan, and Sri Lanka, some 60% of the growth in 2000-2010 came from services.
43%: Services’ share in the growth of manufacturing-oriented People’s Republic of China in 2000-2010.
34%: The share of the Asian labor force engaged in services. The services sector’s share of employment has grown by 10 to 20 percentage points in most countries in developing Asia in the past 2 decades.
More than 50%: In 1990, services accounted for over half of employment in only two economies -- Hong Kong, China and Singapore -- but now this is the case for (in descending order) the Republic of Korea; the Maldives; Malaysia; Taipei,China; Kazakhstan; and the Philippines.
Less than one-fifth: Labor productivity in services in most Asian countries compared with productivity levels in OECD countries. Some countries may take up to 30 years to reach the OECD benchmark.
10%: High-value modern services, such as ICT, finance, and professional business services, account for less than 10% of Asia’s service economy, well below the 20% to 25% in advanced economies.
4: In ADO 2012 Update, service sector development is identified as being crucial for:
- Raising the productivity of industry and the rest of the economy;
- Supporting greater inclusiveness;
- Diversifying production to offset stalling demand for merchandise exports; and
- Taking advantage of opportunities in the foreign trade of services.