Service Sector: Searching for Favourable Trends in the Global Economy

Abstract

Services, as an economic phenomenon, originated in antiquity, representing simple exchanges between people in the form of, for example, oral transmission of knowledge, assistance in the production of goods, repeatedly evolved. Services facilitated trade and exchange between artisans and their guilds in the Middle Ages. For example, merchants hired “sepulchers” to protect their cargoes, and craft guilds offered various services to their members and customers. With the development of capitalism in the 18th and 19th centuries, services turned into a separate sector of the economy. This article is devoted to a comprehensive study of the services sector in the context of globalization in terms of the sector dynamics analysis in selected countries in 2010-2021. Particular attention is paid to the analysis and assessment of the state and prospects for the services sector in selected countries under globalization. Based on the results of the analysis, the main problems faced by different countries are identified and development trends in the global services sector are determined.