POSSIBILITIES OF REALIZATION OF SERVICE SECTOR POTENTIAL IN THE GLOBAL ECONOMY

2021 ◽  
Author(s):  
Oksana Melnichuk
Keyword(s):  
International Trade ◽  
Gross Domestic Product ◽  
Global Economy ◽  
World Economy ◽  
Service Sector ◽  
Developing Economies ◽  
Domestic Product ◽  
Trade In Services ◽  
Services Sector ◽  
The World

The relevance of the study is due to the growing role of services in the world economy. Trade in services has become the dominant driver of economic growth and development in both developed and developing economies. Since the 1980s, data suggest that there is a stronger relationship between trade in services and gross domestic product (GDP) than in the case of commodity growth and GDP. It is noted that the quality of policies, regulations and institutional frameworks is a key factor in determining the effectiveness of services. As services are increasingly subject to liberalization through multilateral and regional trade agreements, it is important that countries develop harmonized approaches to internal regulation and trade liberalization in the services sector. The article identifies the features and characteristics of the service sector as a factor of multifaceted development and growth. The dynamics of international trade in services by geographical structure and types of development of countries is studied on the basis of statistical data of international organizations, taking into account the impact of the pandemic. It is noted that international trade in services is becoming an increasingly important part of global commerce. The problematic aspects of the activity of small business entities to enter foreign markets of services are considered. The issue of urgency of digital economy development for the sphere of services and contribution to world markets is outlined. Opening up the services sector has the potential to bring great benefits and deserves more attention. Further prospects for the realization of entrepreneurial potential in a comprehensive global economy are outlined. It is noted that services are an important part of the world economy, generating more than two-thirds of world gross domestic product (GDP), attracting more than three-quarters of foreign direct investment in developed economies, and creating most of new jobs worldwide. Establishing effective coordination mechanisms between trade negotiators, policymakers and regulators will be an important tool for the development of the global economy.

DEVELOPMENT OF THE WORLD MARKET OF SERVICES IN TURBULENCE CONDITIONS AND CHANGES

2017 ◽  
Author(s):  
Larysa Nosach ◽  
◽  
Victoria Morgun ◽  
Keyword(s):  
Economic Development ◽  
International Trade ◽  
Service Sector ◽  
World Market ◽  
Global Dimension ◽  
Trade In Services ◽  
Current State ◽  
The World

The author's research of the current state and features of the development of the world market for services in conditions of turbulence of world processes was carried; the world leaders of the service sector in the global dimension and leaders of the most dynamic articles of service categories were identified; the share of world exports of services by countries by the level of their economic development was justified; weaknesses in the assessment of indicators of international trade in services were identified; the research is based on UNCTAD statistics.

United States and Its Challenge to Multilateralism in the Global Economy

2018 ◽  
Vol 74 (4) ◽  
pp. 402-419
Author(s):  
Krishnakumar S.
Keyword(s):  
United States ◽  
Global Economy ◽  
World Economy ◽  
Foreign Exchange Market ◽  
Bilateral Trade ◽  
Developing Economies ◽  
The United States ◽  
The Us ◽  
The World ◽  
Merchandise Trade

With Donald Trump as President of United States, multilateralism in the world economy is facing an unprecedented challenge. The international economic institutions that have evolved since the fifties are increasingly under the risk of being undermined. With the growing assertion of the emerging and developing economies in the international fora, United States is increasingly sceptical of its ability to maneuvre such institutions to suit its own purpose. This is particularly true with respect to WTO, based on “one country one vote” system. The tariff rate hikes initiated by the leader country in the recent past pose a serious challenge to the multilateral trading system. The paper tries to undertake a critical overview of the US pre-occupation of targeting economies on the basis of the bilateral merchandise trade surpluses of countries, through the trade legislations like Omnibus Act and Trade Facilitation Act. These legislations not only ignore the growing share of the United States in the growing invisibles trade in the world economy, but also read too much into the bilateral trade surpluses of economies with United States and the intervention done by them in the foreign exchange market.

FDI and Trade in Services Towards Sustainable Economic Growth

2020 ◽  
pp. 369-381
Author(s):  
Madhabendra Sinha ◽  
Partha Pratim Sengupta
Keyword(s):  
Economic Growth ◽  
International Trade ◽  
Global Economy ◽  
Service Sector ◽  
Substantial Improvement ◽  
Least Square ◽  
Seasonal Effects ◽  
Current Phase ◽  
Trade In Services ◽  
Sustainable Economic Growth

The paper empirically investigates the inter-linkage between FDI inflow and international trade in service sector in India. Service sector emerges as the fastest growing sector worldwide during current phase of globalization, contributing more than 60 percent of output and almost 35 percent of trade in global economy. The sector also accounted for 63 percent of global stock of FDI. With hosting a large amount of FDI inflow, Indian service sector is also identified globally due to its substantial improvement in growth and export in international market. So there needs a study to explore the theoretically established causal relationship between FDI inflow and international trade in services towards sustainable and service led economic growth in India. The authors collect monthly data from DIPP, Government of India and RBI over a globally witnessed emerging period from January 2009 to June 2016 and apply ADF and PP unit root tests followed by least square estimation after testing the seasonal effects. Their findings imply unidirectional causality between FDI inflow and export Indian services.

scholarly journals The Coming Revolution: The Healthcare Challenge

2018 ◽  
Author(s):  
John Halamka
Keyword(s):  
United States ◽  
Gross Domestic Product ◽  
World Economy ◽  
The United States ◽  
Domestic Product ◽  
The World ◽  
The Right ◽  
The U.S

The United States spends nearly 17% of its gross domestic product on healthcare,1 almost double that of any other industrialized country,2 and achieves worse outcomes by many measures.3 The U.S. may have the most healthcare in the world, but we do not have the best healthcare. Today, Healthcare in the U.S. is a poor value. If we are going to remain competitive in the world economy, we must deliver the right care in the right setting at the right time at the right cost.

Trade in Services: A Review

2005 ◽  
Vol 5 (2) ◽  
pp. 1850040 ◽  
Author(s):  
Rashmi Banga
Keyword(s):  
World Economy ◽  
Empirical Studies ◽  
Trade In Services ◽  
Total Trade ◽  
Services Sector ◽  
Selective Review ◽  
The World

Services sector has emerged as the largest and fastest-growing sector in the world economy in the last two decades, providing more than 60 per cent of global output and, in many countries, an even larger share of employment. Not only has the services sector grown in terms of its share in global output and employment, its share in total trade has also grown rapidly in this period. The growing importance of services sector and the corresponding rise in its role in integrating the world economy has led to a stream of literature that examines different aspects of trade in services. This paper undertakes a selective review of both theoretical as well as empirical studies on trade in services. It identifies some of the conceptual issues in this area, e.g., whether theories of trade are relevant for services; what are the important barriers to trade in services; and how are these barriers measured. The main objective of the paper is to provide policy insights and future areas of research in trade in services.

scholarly journals FEATURES OF PARTICIPATION OF RUSSIAN BUSINESS ENTITIES IN THE INTERNATIONAL TRADE OF SERVICES

Globus ◽  
2021 ◽  
Vol 7 (1(58)) ◽  
pp. 29-31
Author(s):  
O.K. Lugovskaya ◽  
R.S. Streletsky
Keyword(s):  
International Trade ◽  
Service Sector ◽  
World Market ◽  
Trade In Services ◽  
The World ◽  
Trade Of Services ◽  
Business Entities

The article reveals the features of the presence of Russian business entities in the world market of services. The reasons for the complexity of statistical accounting of the service sector in international trade are grounded. It also considers promising areas of Russia’s participation in international trade in services and ways to increase the competitive stability of national companies.

scholarly journals IN SEARCH OF REMEDY: MULTILATERAL INSTITUTIONS OF INTERNATIONAL COOPERATION AND GLOBAL ECONOMY PROSPECTS IN THE AGE OF COVID-19

2021 ◽  
Vol 228 (2) ◽  
pp. 106-124
Author(s):  
SERGEY V. MIKHNEVICH ◽  
◽  
SERGEY R. KRASILNIKOV ◽  
Keyword(s):  
International Trade ◽  
International Cooperation ◽  
Economic Crisis ◽  
Global Economy ◽  
World Economy ◽  
Global Response ◽  
Current Trends ◽  
Multilateral Institutions ◽  
The World ◽  
Trade And Investment

The authors gathered and analyzed the latest surveys and recommendations of major multilateral institutions of international cooperation (WTO, B20, UN, UNCTAD, IMF, ILO, OECD, WEF) dedicated to the possible ways and remedies to overcome the current social and economic crisis caused by COVID-19 pandemic. The authors also assessed the current stance and prospects of the world economy. They paid particular attention to the current trends in international trade and investment. As a result, the authors identified and classified some key concrete common ideas and proposals shared by various multilateral institutions of international cooperation and aimed at overcoming identified deficiencies of the global response to the crisis.

scholarly journals FORECASTING THE POTENTIAL OF THE ECONOMIC SYSTEM ON THE BASIS OF THE EXOGENIC GROWTH MODEL

2020 ◽  
Author(s):  
Sergiy Poznyak ◽  
◽  
Yurii Kolyada ◽  
Keyword(s):  
Economic Growth ◽  
Gross Domestic Product ◽  
Global Economy ◽  
Technological Progress ◽  
Growth Potential ◽  
Domestic Product ◽  
Solow Model ◽  
Economic Agents ◽  
The World ◽  
Macroeconomic Indicators

The paper considers models of economic growth and the possibility of modifying a suitable model to find the potential for economic growth for the economy of society. The world global economy is studied, presented in terms of societies of the world, in monetary terms and the growth potential of gross domestic product in relation to capital, labor, technological progress, population and other macroeconomic indicators that affect it. Theoretical and methodological significance lies in the description of a fundamentally new method of modeling, which can be used to assess the potential of economic development, proving the dynamics of the coefficients of elasticity of production factors, and proving the hypothesis of declining economic growth. The developed model effectively estimates the potential for economic growth for any country and can be used as a basis for forecasting indicators of potential capital intensity of production and potential gross domestic product. Regarding the practical significance of the obtained results, it should be noted that all changes and numerical values are supported by real data and are a consequence of economic, political or social phenomena in the economy of the country under consideration. In the further research it is possible to develop this model, adding to it new variables which influence economic growth, to update methodology of finding of coefficients as a result of actions of economic agents, instead of only their exogenous influence on economy. The work has three main sections. The first section contains theoretical aspects of estimating the evolutionary economy in the one-dimensional case, it describes the basic theoretical information about the Solow model and other neoclassical and endogenous models of economic growth. The second section describes the possibilities of the Solow model for estimating economic growth potential and theoretical aspects and derives the mathematical basis for estimating economic growth potential. Also in this section describes the implementation of the mathematical base. The third section comments on the results of modeling, based on which detailed conclusions are formed, which summarize the economic, mathematical, analytical and technical work. The simulation results well illustrate the degree of use of economic potential, as well as the impact of capital, technological progress, investment, natural population movement on the efficiency of the economy in terms of many countries. The developed software (as a product of the digital economy) can be used to further improve the model, taking into account more factors.

scholarly journals Introduction and Overview

2021 ◽  
pp. 1-20
Author(s):  
Naoto Jinji ◽  
Xingyuan Zhang ◽  
Shoji Haruna
Keyword(s):  
Gross Domestic Product ◽  
International Monetary Fund ◽  
World Trade ◽  
World Economy ◽  
Annual Growth ◽  
Domestic Product ◽  
Real Gross Domestic Product ◽  
The World

AbstractThe world economy was severely hit by the COVID-19 pandemic in 2020. It was estimated that the annual growth in the world’s real gross domestic product (GDP) in 2020 would be $$-3.3$$ - 3.3 % (International Monetary Fund (IMF) 2021). World trade simultaneously contracted sharply.

scholarly journals GEORGIA IN THE WORLD OF CORONOMICS: THREATS AND CHALLENGES

2020 ◽  
pp. 94-102
Author(s):  
NANA ASLAMAZISHVILI
Keyword(s):  
Gross Domestic Product ◽  
Current Account ◽  
Open Economy ◽  
Global Economy ◽  
The Other ◽  
Domestic Product ◽  
Rapid Variability ◽  
Other Hand ◽  
The World ◽  
The Current Account

So far, much has been written and discussed about the rapid variability and complex predictability of the global economy, and different countries have more or less successfully dealt with the challenges they face. However, the global threat posed by the world in the form of COVID-19 puts the methods and approaches to combating economic crises completely upside down. What should be the strategy and tactics of the countries to start recovering the economies as quickly as possible under such kind of circumstances? In such a situation, it should be the best way to “hurry up slowly,” that is, to be thoroughly consistent so that short-term emergency measures do not harm long-term goals. Given the conditions of coronomics and the lessons the world has learned from it at this stage, recovery of the economics, in the earlier sense of the term, should be completely ineffective. We are accustomed to the fact that in the post-crisis period, economic recovery in a sense implies a more or less back-off to what was before the crisis. Given that this time a completely different “crisis” is occurring, essential structural changes and important transformations in many areas of the economy are needed to overcome its consequences. One of the clear lessons that must to be learned from Coronomics is that returning to what was already before would not be the right course of action for the economies focused on the sustainable development. Georgia is a small open economy, and the fate of such economies has already been decided in advance: they will not be able to influence the global economy, and their efforts must be directed to protect themselves from the negative effects of the ongoing processes in the world. What are the priorities for such countries on this path if traditional sectors are vulnerable to certain types of crises and fail to cope with the task of generating revenue in extreme situations that are necessary, on the one hand, to balance their demands and, on the other hand, to meet external obligations? This is the reality that Georgia has faced in the face of coronomics. How did the Georgian economy meet the shock of COVID-19? 2019 will be a turning point in many years for assessing economic outcomes, not just in Georgia. What are the dynamics of macroeconomic indicators and do they give a positive signal according to the data of this period? This article deals with the external economic aspects of these indicators. The current account deficit as of 2019 was $ 900.5 million, or 5.1 percent of gross domestic product. Historically, this is the best indicator in the history of independent Georgia. On the other hand, historically, the country›s external liabilities, which amount to $ 34.5 billion, are 1.9 times higher than Gross Domestic Product and 3.2 times higher than the country›s foreign financial assets; The country›s external debt was 1.1 times higher than GDP at the end of 2019, while imports accounted for 40.8 percent of total consumption (intermediate and final). Thus, Georgia›s positioning on the challenges of COVID-19 is completely unfavorable and critical. This article aims to discuss the main aspects of the country›s foreign sector accounts, the profitable and deficient articles of the balance of payments that traditionally determine the state of the current account, and how vulnerable these items are to external factors and shocks. The focus on this issue is to explore the ways in which it is possible to reduce the degree of dependence of the country›s economy on foreign shocks and achieve external economic stability. However, it should be noted that the format of the article is not sufficient for in-depth discussion of a number of causeand-effect issues, for the evaluation of perspectives, and for deeper and more substantiated reasoning. Therefore, it can be said that the paper forms the main postulates on the issues under consideration, which together and each of them deserves in-depth research, but not in terms of fragmentary time and content, but in a complex and permanent mode.

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