"East Asia is already a manufacturing powerhouse. Today, new digital technologies are a source of innovation, jobs, and growth," stated Manuela V. Ferro, World Bank Vice President for East Asia and Pacific. The report emphasizes that while progress has been made, deeper reforms and enhanced international cooperation are essential to fully harness the potential of services in the digital age. Image Credit: SHARE In a region traditionally synonymous with manufacturing dominance, digital technologies are revolutionizing economies in East Asia and the Pacific by transforming the services sector into a key driver of growth. A new World Bank report, Services Unbound: Digital Technology and Policy Reform in East Asia and Pacific , reveals how services are becoming the most dynamic component of these economies, outpacing manufacturing in multiple performance metrics. The report highlights several transformative trends over the past decade: Labor Productivity : Services have contributed more to labor productivity growth than manufacturing. Export Growth : Services exports are expanding faster than goods exports. FDI Trends : Foreign direct investment (FDI) in services has grown five times faster than in manufacturing in key nations, including China, Indonesia, Malaysia, the Philippines, and Thailand. Women’s Employment : Services employ a higher proportion […]
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