In a region known for manufacturing, digitization is transforming services into the most dynamic part of many economies in the East Asia and Pacific region, according to new World Bank research.
The report, "Services Unbound: Digital Technology and Policy Reform in East Asia and Pacific" highlights that services have contributed more to labor productivity growth than manufacturing over the past decade. Services exports have outpaced goods exports, and foreign direct investment (FDI) in services has grown five times faster than in manufacturing in China, Indonesia, Malaysia, the Philippines, and Thailand. Additionally, services employ a higher proportion of women, with this trend increasing as economies develop.
At this online seminar, Alessandro Barattieri, Senior Economist, Office of the Chief Economist for East Asia and Pacific, World Bank, presented the main findings of the report.
Speaker
Alessandro Barattieri
Senior Economist, Office of the Chief Economist for East Asia and Pacific, World Bank
Presentation Material:
Services Unbound: Digital Technology and Policy Reform in East Asia and Pacific (PDF)