The world’s transformation into a service economy is a major change

It is important to grasp the extent to which the world’s transformation into a service economy is a major change , with mainly unpleasant consequences: It leads to strong competition (via exchange rates, costs and taxation) between countries to retain a large industry; It reduces interregional trade and therefore economic globalisation; It increases the proportion of low-skilled, low-income jobs in total employment; It reduces potential growth, since the level of and growth in productivity are lower in services.