Nov 04, 2020 | Other
What is the future of global services trade in a pandemic era?
As numerous industries are impacted across the world due to COVID-19, is services trade really a sector set for growth?
It is – according to our latest research report in partnership with Oxford Economics, The Global Services Trade Revolution: Fuelling post-pandemic economic recovery and growth. Far from suggesting a negative outcome in light of the Coronavirus, our findings in fact project the value of international, cross-border trade in services rising from USD6.1trn in 2019 to USD8.0trn by 2025. That’s a 31% increase in value.
Adoption of new technology and digitization of working practices are signposted in the report as key elements set to further fuel the sector’s growth.
Karen Penney, our VP of Payments, spoke to Sky News to discuss how the COVID-19 pandemic has dramatically accelerated the digitization of trade services across the world, rendering the sector as vital to future economic recovery on a global scale.
Amongst developed economies, USA, France, and UK are set to see the largest increase in value of cross-border trade in services by 2025. As well as this, our research highlights that trade policy liberalization could see an additional USD890bn increase in the value of services traded globally.
Download your own copy of our report to learn how trade in digital services could fuel the economic recovery.
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