Services are currently mostly
Posted: Sat Apr 05, 2025 4:51 am
What does this mean for countries hoping to get rich? In a 2005 speech, Lee Kuan Yew, Singapore’s first prime minister, observed that “since the Industrial Revolution, no country has become a major economy without becoming an industrial power.” But the world has changed since 2005. Manufacturing is now capital-intensive, making it easier for China to maintain its role as the world’s factory. In recent years, Western countries have embraced industrial policy and protectionism in an effort to revive domestic manufacturing. Policymakers in emerging markets are debating how best to respond.
exported by rich countries, where white-collar fax lists professionals often work across borders. Although China overtook America as a goods exporter in 2009, Uncle Sam still exports two and a half times more services than its rival. Britain, which has fallen to 14th place in the world in goods exports, remains the world’s second-largest exporter of services.
But developing economies are starting to make their mark in the more advanced types of services that can be sold abroad. Many countries export audiovisual, computer and telecommunications services. In Bulgaria, Estonia, Latvia, Moldova, Romania and Ukraine these account for more than 3% of GDP. India is the best-performing country in Asia in this category; its exports are just under 3% of GDP. In an economy the size of India’s, that means a large industry. The country’s five largest IT companies have a combined market capitalization of nearly $350 billion. It is also home to 1,600 global capacity centers – technology and research hubs for multinational companies – that employ 3 million people. Overall, India’s services exports account for nearly 5% of the world’s, up from 3% a decade ago.
exported by rich countries, where white-collar fax lists professionals often work across borders. Although China overtook America as a goods exporter in 2009, Uncle Sam still exports two and a half times more services than its rival. Britain, which has fallen to 14th place in the world in goods exports, remains the world’s second-largest exporter of services.
But developing economies are starting to make their mark in the more advanced types of services that can be sold abroad. Many countries export audiovisual, computer and telecommunications services. In Bulgaria, Estonia, Latvia, Moldova, Romania and Ukraine these account for more than 3% of GDP. India is the best-performing country in Asia in this category; its exports are just under 3% of GDP. In an economy the size of India’s, that means a large industry. The country’s five largest IT companies have a combined market capitalization of nearly $350 billion. It is also home to 1,600 global capacity centers – technology and research hubs for multinational companies – that employ 3 million people. Overall, India’s services exports account for nearly 5% of the world’s, up from 3% a decade ago.