ICT And The Economy: Prospects For Sri Lanka
By S. Sivathasan -June 11, 2013 |
S.Sivathasan
Global Perspective
When the growth of the global economy and of individual state economies over the last 110 years is examined, it is clear that the sectoral composition has changed drastically. Agriculture which was the dominant sector for centuries has ceased to be the principal component of GDP as of now. It employs a lesser workforce compared to Services. Yet it assures the world of sustained food availability. The same holds for Industry, which though increasing in importance as a producer of goods, is no longer the only pivot of the economy. In recent decades Services have become the predominant sector in global terms.
Services
In course of time, Services have embraced a large spectrum. The compass has a range from education, health, banking, housing, trade, transport, shipping, aviation, tourism, ICT and many more. Globally they account for 64 percent of GDP as estimated in 2012, while agriculture accounts for 5.9%. A visible phenomenon in recent decades is that agriculture and industry support and sustain services and new wealth created by the latter reinforces and develops the former. In a sense it is true to say that more land and funding are needed in the services sector for healthy growth of agriculture.
Information and Communication Technology
