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    Servicification: Its Meaning and Policy Implications

    Kim, June Dong | January 2019
    Abstract
    Services account for about 80 percent of employment and 75 percent of GDP in OECD countries. In Korea, the ratio of the service industry in total employment is 70.2 percent, and its ratio in total GDP is 59.2 percent as of 2016. In major emerging economies, the ratios are between 40 and 70 percent on both accounts. Furthermore, these ratios are steadily increasing over time. In relation to this phenomenon, servicification means that services are becoming more important in manufacturing activities. In other words, the servicification of manufacturing can be defined as the fact that manufacturing increasingly buys, produces and sells services. More and more services are embedded in manufacturing goods. Likewise, manufacturing firms produce increasingly more services nowadays. For example, the share of services in total sales of the tech company IBM is about 60 percent, exceeding that of manufacturing.
    Citation
    Kim, June Dong. 2019. Servicification: Its Meaning and Policy Implications. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/9515.
    Keywords
    Development
    Trade
    Development Goals
    Skills Development
    Sustainable Development
    Trade Flows
    Trade And Development
    Food Security And Trade
    Trade Volume
    Trade Potential
    Trade Flows
    External Trade
    Industrial policy
    New technology
    Innovations
    Industry
    Export policy
    Import policy
    Trade Unions
    Natural Resources
    Services Trade
    Development assistance
    ADB
    Curriculum development
    Development assistance
    Development aid
    Development indicators
    Development potential
    Development models
    Project appraisal
    Performance appraisal
    Regional development bank
    Trade development
    Import volume
    Export volume
    Service industry
    Capital
    Business
    Communication in rural development
    Social participation
    Occupational training
    Partnership
    Joint venture
    System analysis
    Labor and globalization
    Labor policy
    Regional trading blocs
    Foreign trade and employment
    Developing countries
    Industrial priorities
    Technological innovation
    Technology transfer
    Foreign trade regulation
    Industrial relations
    Trade-unions
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    Citable URI
    http://hdl.handle.net/11540/9515
    Metadata
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    KIEPopinions_no151.pdf (184.4Kb)
    Author
    Kim, June Dong
    Theme
    Development
    Trade
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise