THE SERVICES SECTOR IN THE SINGAPORE ECONOMY

Abstract

The services sector of Singapore is heterogeneous and comprises both high-tech (e.g. telecommunications and financial services) and low-tech (e.g. beauty and barber shops) industries. Its significance in the process of economic development has often been overshadowed by the manufacturing sector. Yet, taken as a whole, its contribution to the Singapore economy far surpasses that of industry. The emphases of this academic exercise lie in two aspects, namely, employment trends within the services sector, and trade in services. In view of Singapore's current re­structuring and the (worldwide) spate of interest in service trade, this study also endeavours to speculate on the future role of the services sector in generating jobs, and the impact of liberalisation of trade in services on the Singapore economy. It is hoped that this academic exercise will help readers to gain a fuller understanding of the role played by the services sector in the Singapore economy.