INTERNATIONAL SERVICE MARKET: CURRENT STATE AND DEVELOPMENT TRENDS
Abstract
The global service market is an area that is dynamically developing under the influence of globalization processes and is in the phase of active formation. This is evidenced by the fact that the growth rate of service trade in world commerce is one and a half times higher than the growth rate of commodity exports and imports. Countries with developed economies focus on the development of the service sector, since it occupies a leading position in terms of value and number of employees, bypassing the commodity sector. The purpose of the study is to analyze the current state and outline the main trends in the development of the global services market. The article examines the peculiarities of the economic category "services" and identifies the approaches to the classification of services in the world market used by the Statistical Organization of the European Commission and the State Statistics Service of Ukraine when providing statistical information on the volume of exports and imports of services. The article highlights the peculiarities of the development of the world services market and identifies the factors influencing it. The dynamics of world exports of services is studied using correlation and regression analysis. Trends in the development of world trade in services by type of development of countries are analyzed. A comparative assessment is made for the TOP-5 largest countries engaged in exporting services to the world market among developed and developing countries. It is outlined that under the influence of trade liberalization and globalization processes in most countries of the world, the service sector is scaling up both for domestic consumption and for export-import operations. This is especially relevant for countries with developed economies. The article highlights the specifics of the functioning of the global services market under the influence of restrictions caused by the pandemic. The study also identifies the main paths for the global services market to recover from the pandemic. To understand the global services market, the structure of services exports is analyzed and it is found that for advanced economies, business services account for more than 50% of the structure of services exports. The author outlines Ukraine's place in the global services market and identifies promising areas for the development of service trade for the Ukrainian economy.
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