The global services trade revolution
Global trade in services to increase by $2 trillion over the next five years, according to new report by Western Union and Oxford Economics.
Forecasts by Western Union and Oxford Economics project the value of international, cross-border trade in services rising from $6.1trn in 2019 to $8.0trn by 2025, a 31% increase in value.
Key report findings include:
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Amongst developed economies, USA, France, and UK set to see largest increase in value of cross-border trade in services by 2025.
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Adoption of new technology and digitisation of working practices likely to further fuel post-pandemic economic recovery and growth of cross-border trade in services.
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Trade policy liberalisation could see an additional $890 billion increase in the value of services traded globally.
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