Forecasts by Western Union and Oxford Economics project the value of international, cross-border trade in services rising from $6.1trn in 2019 to $8.0trn by 2025 – a 31% increase in value.
Key report findings include:
- Amongst developed economies, USA, France, and UK set to see largest increase in value of cross-border trade in services by 2025.
- Adoption of new technology and digitization of working practices likely to further fuel post-pandemic economic recovery and growth of cross-border trade in services.
- Trade policy liberalization could see an additional $890 billion increase in the value of services traded globally.