Service Export Sophistication and Europe’s New Growth Model
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Technology has changed the nature of
service activities and made them more productive, tradable
and fragmented in the global supply chain. Has Europe's
growth been benefiting from the ongoing globalization of
services? Services dominate growth in EU-15 countries and,
to a lesser extent, in New Member States (NMS) and Accession
(ACC) countries. Except in the ACC region, Europe has
maintained specialization in service exports. Service
productivity, tradability, and exports of modern services
are high in EU-15, growing fast in NMS while at a lower pace
in ACC. Service export sophistication is important for
growth across the region, but especially in NMS.
Palabras clave
AGRICULTURE, ASSETS, CAPITAL MARKETS, COMMODITY, COMPARATIVE ADVANTAGE, COMPARATIVE ADVANTAGES, COMPETITIVENESS, DESCRIPTION, DEVELOPMENT POLICY, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC INTEGRATION, ECONOMIC PERFORMANCE, EXPORTS, FINANCIAL SERVICES, GDP, GDP PER CAPITA, GROWTH POTENTIAL, HUMAN CAPITAL, IMPORT BARRIERS, INCOME, INCOME LEVELS, INHERITANCE, INSURANCE, INTANGIBLE ASSETS, INTERNATIONAL TRADE, M2, MEDIA, MONOPOLIES, PER CAPITA INCOME, PRODUCTIVITY, PRODUCTIVITY GROWTH, PUBLIC POLICY, RULE OF LAW, TARIFF BARRIERS, TRANSITION ECONOMIES, TRANSPORT, VALUE ADDED, WORK FORCE