Introduction

The growth of services as an economic activity is not an entirely new phenomenon. Even as early as 1900 the United States and the United Kingdom had more jobs in the services sector than in industry. But its expansion over the past quarter century has been most spectacular, marking a profound structural change in the global economy. Although the change has been particularly discernible in industrial countries, it would be wrong to assume that its significance is confined to them alone. The increasing ascendancy of services in the economy affects all countries, irrespective of the stage of development; and from all indications it will increasingly do so in the years to come.