Global services market: the structure and development trends

The global services market is a sector of the world economy where the purchase and sale of various types of services takes place. Services, being a dynamically developing industry, play an important role in both the national and global economy, helping not only to meet certain needs of people and increase their well-being, but also helping to attract investment, create jobs, increase the competitiveness of individual enterprises and countries, etc. The world market for services differs from the goods market due to the characteristics of the production and consumption of the services themselves. However, not all services can be subject to the world market, but only those that belong to the category of “traded services,” that is, they can be produced in one country and purchased in another. At the same time, in the context of the globalization of the world economy and the development of scientific and technological progress, an increasing number of services are becoming tradable services, and they are reflected in the country’s balance of payments. These include tourism services, which are the part of the balance of payments item “Travel”. Services, despite all the barriers facing them in recent years (economic, political, biomedical, etc.), continue to remain among the most successful sectors of the world economy. In this regard, studying the structure and trends of the service sector contributes to the development of more effective socio-economic policy in the country.