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Competitiveness of Korea's service industry

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  • Competitiveness of Korea's service industry
  • Shin, Changmock
  • Samsung Economic Research Institute


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Title Competitiveness of Korea's service industry
Similar Titles
Material Type Reports
Author(English)

Shin, Changmock

Publisher

[Seoul]:Samsung Economic Research Institute

Date 2011-07
Series Title; No Issue Report / 12-2011
Pages 14
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Industry and Technology < Others
Holding SERI

Abstract

As an economy grows, leveraging intangible capital matters more than achieving growth by simply adding more labor or capital. Thus, economic servitization where the share of services in an economy increases ensues. This is true of OECD member nations where there is a linear relationship between nominal GDP and the share of the service sector in the economy. Korea also has seen its service sector account for an expanding portion of the economy from 51.2% in 2000 to 52.4% in 2010.

Although the share of the service industry in the Korean economy and the volume of service trade have continued to rise, the chronic service account deficit has led to a decrease in the current account surplus and a drag on economic growth. (The rest omitted)