Services, which are less traded than goods, rose from 58 percent of world expenditure in 1970 to 79 percent in 2015. In … restrained the growth in world trade to GDP by 16 percentage points over this period. This magnitude is similar to how much …

Services, which are less traded than goods, rose from 58 percent of world expenditure in 1970 to 79 percent in 2015 … consumption has affected trade. Without structural change, we find that the world trade to GDP ratio would be 15 percentage points … in trade costs, ongoing structural change implies that world trade as a share of GDP would eventually decline. Going …