The region’s weak performance in modern services trade

In recent years, there has been a growing business, policy and academic interest in trade in services, which has been growing faster than trade in goods since the 1990s. This expansion is driven mostly by information and communications technologies (ICTs), which allow many services to be digitized and traded internationally. The producer and consumer therefore do not need to be in physical proximity for the service to be provided. These “modern services”, as they are termed, include a large range of business, financial, information technology, insurance and pension services, as well as professional services, research and development (R&D), and telecoms. In contrast, more traditional types of services, such as construction, government services, recreational services, and transport and travel (for business and leisure), have expanded at similar rates to goods trade.

Sustainable Development Goals:

Reduced Inequalities

Decent Work and Economic Growth

Industry, Innovation and Infrastructure