Service sector across the world is considered a driving force of the economy. In Bangladesh too much focus is being given on the service sector to keep up with the global trend.
As a result, this sector has been expanding and maintaining an upward trend over the past few years.
A report published in this daily projected that the service sector which is the largest sector in the country is gaining better footing both in the country and abroad.
The report also showed that more than 50 percent of the country’s GDP is contributed by this sector and 39.2 percent of the total employment in the country has been achieved in the service sector.
Other than this, it is laudable to know that the government is giving priority to the service sector in these trying times of coronavirus pandemic.
The government should utilise this
sector in order to revive economy
in the post-pandemic era faster
Under 19 packages the government is allotting 3.7 percent of GDP which is around Tk 103,117 crore. Also, the government has set export earnings of the service sector at $7 billion in the current fiscal.
Meanwhile, the World Bank Human Capital Index says that Bangladesh is slowly improving in this sector. It is also being suggested by experts that the government should utilise this sector in order to revive economy in the post-pandemic era faster.
Since the export earnings from the service sector has reduced drastically in the past few months, it is imperative that other sources are also explored for possible investment in foreign countries.
When possible opportunities will be tapped into in a successful manner, the service sector can be ramped up for more efficiency.
Especially, in the post-pandemic period when the countries around the world will be trying to desperately recover the economic losses, the service sector can be a proper mean of gain through which Bangladesh can make its way out of the economic quagmire.