Services trade costs plummet by 60% in two decades, boosting global economy.
Services like financial, communication, and business services have become easier to trade globally from 2000 to 2019. This happened because trade costs for these services decreased by 30% to 60%. The main reasons for this were advances in technology and more air travel. These factors explain a big part of why it's now cheaper to trade services. Also, trade agreements between regions helped reduce costs for communication, financial, and insurance services. To keep improving services trade, governments need to focus on things like making it easier to enter markets, changing regulations, and investing in technology and infrastructure.
