Service Economy and the Specifics of its Development in Russia

Fast-paced development of the service sector is an important trend in the development of present-day economy. It has resulted in the emergence of a specific economic model, namely, service economy. Developed countries and developing ones differ in terms of preconditions essential for a service economy to form. However, growing service sector proportions in countries’ GDPs can be observed worldwide. That has to be taken into account when drafting state structural policy and planning business development strategies. What is more, consideration has to be given to service business specifics, both industry-wise and country-wise.