1.2 Why are services important?
According to World Bank Open Data, the service sector, known as the tertiary sector, had an added value of 48.509 trillion dollars worldwide in 2016. This is a substantive value. In fact, it’s so huge, it is quite hard to comprehend. So, let’s take a simpler view of the same.
If we look at Switzerland, the small country I currently reside in, the service sector accounts for over 70% of the GDP.
Worldwide, the service sector accounts for over 60% of the GDP. Moreover, this has been the trend for several years!
Based on such varied data, we can say that the service sector is, and has been over a considerable time, the heart of our economies. As much we take care of our human hearts, we should also take care of the heart of our economies. This is why services are important.