THE ROLE OF THE SERVICE SECTOR IN ECONOMIC GROWTH AND DEVELOPMENT
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The service sector has emerged as a dominant force driving economic growth and development across both developed and developing countries. As economies evolve, the shift from agriculture and manufacturing to services reflects changes in consumer demand, technological advancements, and globalization. This sector encompasses diverse industries including finance, healthcare, education, tourism, and information technology, all contributing significantly to employment generation, income creation, and overall economic output. This paper explores the multifaceted role of the service sector in fostering economic development by analyzing its contribution to GDP, employment, productivity, and innovation. Furthermore, it examines how the expansion of services enhances economic diversification, improves living standards, and supports sustainable growth. Challenges such as skill gaps, regulatory constraints, and technological disruptions are also discussed, with recommendations for policy interventions to maximize the sector’s development potential.
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