The role of private sector involvement in Economic growth

indah rezqi

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Quote from: dansus021 on May 12, 2024, 01:07:12 PM

The role of private sector involvement in Economic growth I do agree with your statement that private sector had a lot of involvement in Economic growth I mean country need a business and private sector to sustain and stay alive and secondly private sector is needed to make healthy business in my opinion to avoid monopoly.

In simple terms, the presence of the private sector will open up more jobs, make prices more stable, and give people more choices and ultimately avoid monopoly. It is clear that the existence of private parties is very necessary to boost the economy of a country, but the State must have control over their existence, meaning that private parties must still comply with the rules of a State. Currently, we actually see many private companies collaborating with the Government to collaborate in certain fields, because they believe it can provide better results.

Meanwhile, there are actually quite a lot of monopolistic practices carried out by many companies, they are owned by the same one or two people but monopolize many sectors. In this case, the government must have the authority to regulate it as best as possible, so that business competition becomes healthier. Apart from that, the government must also provide a sense of security to investors, this is the main factor in making private parties want to invest in a country. What is clear is that the existence of the private sector is very beneficial to a country economy, because it can provide income for the country.

Freeesta

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So the private sector of the economy is pushing it forward! It is he who forces enterprises to develop, dictating his standards, the state reacts to his changes and allocates funds for its development. It is the private sector that quickly responds to the needs of people, their interests, their desires. Healthy competition is created, which also gives economic growth. The state is like a big machine, in which all the parts are private companies. At the same time, they are collected together and represent a single mechanism...

dansus021

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The role of private sector involvement in Economic growth I do agree with your statement that private sector had a lot of involvement in Economic growth I mean country need a business and private sector to sustain and stay alive and secondly private sector is needed to make healthy business in my opinion to avoid monopoly.

MissNonFall9

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The private sector plays an important role in the economic development of any country by diversifying its products creating new jobs and increasing exports. We know that the importance of making women work alongside men is very important for the development of the world. In such case non-governmental organizations are playing an important role in making women workable. The private sector performs overall functions to sustain the country's economy and promote economic growth. So the private sector can be said to be the driving force in the economic development of any country.

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Quote from: 0t3p0t on May 09, 2024, 09:47:27 AM

Quote from: jrrsparkles on May 04, 2024, 12:06:23 PM

Not everything in a country can run by a government so which itself enough why we need private sectors to keep things in balance, of course government bend their rules in favour of them for whatever reasons while private sectors create job opportunities that again help someone to make money and they will spend the money they earned so that will obviously help in the development of economy in a country.

Exactly, but sometimes both the people and these private sectors fall as victims to corruption that might affect on it's operation and growth. It all really requires agencies fair treatment to all these tax payers so things will become progressive and profitable on both sides. Here in my country corruption is I think the new normal and it really slows down all the needed factors affecting the economic growth.

Same here. My country is rotten to the core. Corruption is the rule of the game. There's red tape. There's too much bureaucracy. There's the need for grease money every step of the way. There are necessary gifts, which are bribes, and so on. This is suffocating for businesses.

The private sector is a victim. Fortunately for them, they can play the game, especially if left with no choice. The good thing about this is that their needs could all be processed real quick. The cost, however, may be high, but it could easily be included as operation cost and such could be passed on to consumers. In the end, they don't really suffer for it.

As in everything else, the ordinary people are always on the receiving end.

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Quote from: CageMabok on May 09, 2024, 10:11:52 AM

Quote from: 0t3p0t on May 09, 2024, 09:47:27 AM

Exactly, but sometimes both the people and these private sectors fall as victims to corruption that might affect on it's operation and growth. It all really requires agencies fair treatment to all these tax payers so things will become progressive and profitable on both sides. Here in my country corruption is I think the new normal and it really slows down all the needed factors affecting the economic growth.

Corruption is a very bad thing and it not only affects economic growth in your own country, but also affects economic growth in other countries as well as in my country. Because corruption will forever be a bad thing in any country, every state party that has special authority to eradicate this must do so immediately in order to grow the country's economy fairly well and fairly. And on the one hand, I also imagine that if corruption is still ongoing in a country, any development in that country will never go well and could even trigger the bankruptcy of a country because of this.

Economic growth will be very difficult if corruption occurs in a country, this is because government officials continue to think about their own interests and never think about how their country can develop well. If the government can eradicate corruption then this will be able to improve the economy. a country can develop well and if this is not eradicated then it will be very difficult for the government to carry out development in various ways because there will always be projects that cannot be completed because the budget for these projects has been divided among those in power, such as What you say is very true, it is possible that a country will go bankrupt because of officials who are too corrupt.

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Quote from: AVE5 on May 06, 2024, 04:43:41 AM

Yes of course, the private sectors is playing virtual and vital roles accomodating the public in a massive support with the potential capacities to expand national economy under the watch of a government.
The private infrastructures is not only based on profiting the national economy on taxations but on the fact that it also attracts intercontinental corporative affairs to the society.
It has also helped in creating job opportunities with the applications of skills and knowledges within the masses of a society.
Infact, it's an impact filling the gaps by which the governments can't afford to do it all

The private sector have made a lot of contributions to the national economy so but individuals and the government have benefited from the private sector even in term of employment they are private sectors that are paying well more than government jobs. And there are NGOs that are specifically designed to help the government in building most of its sectors.

Having private sectors its a blessing to us because things are getting out of hand even the government are finding it difficult to maintain. And in skills acquisition a lot of people have benefited. After learning a skill some will even go out of will to share tools to work with after the whole program i remember I registered with one a long time ago about fish farming and lata they gave us fish and feed so its a good one from the NGOs.

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Quote from: jrrsparkles on May 04, 2024, 12:06:23 PM

Not everything in a country can run by a government so which itself enough why we need private sectors to keep things in balance, of course government bend their rules in favour of them for whatever reasons while private sectors create job opportunities that again help someone to make money and they will spend the money they earned so that will obviously help in the development of economy in a country.

A country where the government handles everything will definitely not be called capitalism. In a capitalist country, the private sectors are the drivers of the economy, they create more jobs and help in engineering the circulation of funds. What the government do mainly is to create the enabling environment for the private sector to thrive. As soon as the enabling environment are created through programs and policies, the private sector will naturally spring up and flourish and this is how a responsible government is measured. Monetary policies, ease of doing business, basic and social amenities are some of the things that constitute the enabling environment and these are the core responsibilities of the government.

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Quote from: 0t3p0t on May 09, 2024, 09:47:27 AM

Quote from: jrrsparkles on May 04, 2024, 12:06:23 PM

Not everything in a country can run by a government so which itself enough why we need private sectors to keep things in balance, of course government bend their rules in favour of them for whatever reasons while private sectors create job opportunities that again help someone to make money and they will spend the money they earned so that will obviously help in the development of economy in a country.

Exactly, but sometimes both the people and these private sectors fall as victims to corruption that might affect on it's operation and growth. It all really requires agencies fair treatment to all these tax payers so things will become progressive and profitable on both sides. Here in my country corruption is I think the new normal and it really slows down all the needed factors affecting the economic growth.

Corruption exists everywhere but as long as the policies restrict people from anything it can save people from exploiting their resources whether the tax payers money or its human resources on the whole government leans towards the big hands which is obviously who is running the system which includes private sectors too.

lizarder

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Quote from: TEBTC on May 04, 2024, 11:36:39 AM

Private sector refers to business owned and manege by individuals which are not government funded, private sector include business, companies, commercial banks etc which are owned and manege by private individuals who has nothing to do with government for the purpose of profit making

Most people prefer to work in the private sector because we can arrange our own time and procedures to develop each business we are involved in. In the end, all of us talk about the benefits of working in the private sector or in government, the difference is that when we build our own business the results will be ours. The government cannot possibly reach all levels of society so that the presence of jobs in the private sector can help the process of human life.

Working in the private sector also has advantages where we are given targets according to the work we are involved in and the bigger the target we achieve, the bigger the profits we will get. That's why some people prefer to work in the private sector which has work targets because they can make more money.

CageMabok

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Quote from: 0t3p0t on May 09, 2024, 09:47:27 AM

Exactly, but sometimes both the people and these private sectors fall as victims to corruption that might affect on it's operation and growth. It all really requires agencies fair treatment to all these tax payers so things will become progressive and profitable on both sides. Here in my country corruption is I think the new normal and it really slows down all the needed factors affecting the economic growth.

Corruption is a very bad thing and it not only affects economic growth in your own country, but also affects economic growth in other countries as well as in my country. Because corruption will forever be a bad thing in any country, every state party that has special authority to eradicate this must do so immediately in order to grow the country's economy fairly well and fairly. And on the one hand, I also imagine that if corruption is still ongoing in a country, any development in that country will never go well and could even trigger the bankruptcy of a country because of this.

0t3p0t

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Quote from: jrrsparkles on May 04, 2024, 12:06:23 PM

Not everything in a country can run by a government so which itself enough why we need private sectors to keep things in balance, of course government bend their rules in favour of them for whatever reasons while private sectors create job opportunities that again help someone to make money and they will spend the money they earned so that will obviously help in the development of economy in a country.

Exactly, but sometimes both the people and these private sectors fall as victims to corruption that might affect on it's operation and growth. It all really requires agencies fair treatment to all these tax payers so things will become progressive and profitable on both sides. Here in my country corruption is I think the new normal and it really slows down all the needed factors affecting the economic growth.

Abbatty

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Quote from: TEBTC on May 04, 2024, 11:36:39 AM

Private sector refers to business owned and manege by individuals which are not government funded, private sector include business, companies, commercial banks etc which are owned and manege by private individuals who has nothing to do with government for the purpose of profit making

The role of private sector in developing the economy of any country is very crucial and important as the role of government in society is for protection of life and property and creating the right environment for business to strive
All over the world it's private sector that has helped the economy of nations, private sector involvement is needed for economic stabilization as government only can't do this alone

Private individuals are encouraged to start up business for the purpose of profit making in so doing they're in turn creating wealth
Let take an example of say an individual who is interested in sports business and brings out money to setup a football team, first the person will start by employing young youths and them of the street and labour market and at least for a football team to be set up you must need at least fifty individuals from the players to the couching Crew to the backroom staff then the team that has been setup will need a stadium where they will be playing their match's so they will set up a structure in form of a stadium and this newly built stadium needs to be cleaned and and we'll taken care of so more people are to be employed again and salaries will be paid to them at the end of the month

So while the owner of the business who is profit oriented gets his return for investment when the team wins a league title or from transfer of players and from tickets sold to fans who come and watch their match's he has created wealth to his employees by way of paying them salaries which in turn translate to economic growth

I think I agree totally with you, the private sector pay as much role as the public section in developing the economy if not much better role. Taking it from our street to our local society the shops, kiosk, and other little enterprises, they all pay a huge role in our day to day life.

Then taking it to the football you used as an example, let take the Nigerian league as an example, few years back when most teams that participated in the league where mostly owned by the government, the league was too backward, like there where no TV rights then, but ever since the the private sectors started getting involved I will say the league have improved so much. You can watch some Nigerian league Matches on DSTV or even Startime, the mode of which they treat their player now is even different, there is increase in the players salaries, better stadiums and so much much all from the private sector. Even in Europe most of the team are owned by private sector that why it runs effectively and efficiently. So I will still say the private sector have a huge impact in our economy.

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Quote from: TEBTC on May 04, 2024, 11:36:39 AM

The role of private sector in developing the economy of any country is very crucial and important as the role of government in society is for protection of life and property and creating the right environment for business to strive

Private sectors can't function properly if the government sectors aren't helping matters in the country. Many African and developing countries aren't having a good turn up from their private sectors because of the policies of the government. In Nigeria the government just woke up one morning and started attacking the private banking sectors and asking fin tech banks not to accept new registration and if this banks don't get new users how will they get new business to make money and add to the economy of the nation through employment and paying of taxes.

Other similar things are happening in other countries with the hostile treatment from.govwrnment. Private sectors help in growing the economy of the nation but they governments have to be friendly to them for this to have full effects.

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So while the owner of the business who is profit oriented gets his return for investment when the team wins a league title or from transfer of players and from tickets sold to fans who come and watch their match's he has created wealth to his employees by way of paying them salaries which in turn translate to economic growth

Have you heard of the case of Chelsea former owner and how the UK government force him to sell his club, this are things that discourage private business from coming to the nation. So again if the government don't create policies to welcome private businesses, the nation won't get them and there's nothing position they can contribute to the growth of the economy.

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Quote from: wiss19 on May 08, 2024, 04:02:31 PM

I think communist nation do also has their own benefits?

Communism allows for people to be equal which is obviously good. Everyone goes through the same thing so they build a better community and feel a stronger sense of responsibility with one another.

The fact that everyone will have at least basic care and needs is a very huge benefit of communism.

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I also/even think we don't really need a government but as long as people are already well disciplined, that should do the job and/but the more it can be attained when we are in a communist nation.

That would be chaos because a country needs to be making decisions to function. I suppose we can always cast votes but it is quite impossible to not have at least one person doing something that is harmful to others. How would then we punish the person without a government that implements laws?

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Quote from: justdimin on May 07, 2024, 06:12:03 AM

I believe that we need a few things for a nation to keep going stronger. We do not need some communist nation stuff where everyone has no possession but everyone lives a similar life, that is not the way to go, but more like European nations, well before all of this immigration situation started at least. You just need government to put some laws in order, and then get out of the deal, that's it, you put regulations and laws and everything in there, which will make sure that nobody goes poor, and all you need to do is make sure that the laws are followed that is all you need to do.

But instead, a lot of nations keep trying to take money from certain people and give it to another people, that is not how you get better, you get better when everyone lives happy without government control.

Few things seems not enough if we want to become or keep stronger but many things may be? I think communist nation do also has their own benefits? Because, it makes everything equal as you said and you know, many people nowadays are depressed when they think that someone is better or more wealthier than them.

I also/even think we don't really need a government but as long as people are already well disciplined, that should do the job and/but the more it can be attained when we are in a communist nation. I think a normal government or in a normal nation, can't control to make people not go poor, even if they strictly follow the government orders but this may be normal only.

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Quote from: jrrsparkles on May 04, 2024, 12:06:23 PM

Not everything in a country can run by a government so which itself enough why we need private sectors to keep things in balance, of course government bend their rules in favour of them for whatever reasons while private sectors create job opportunities that again help someone to make money and they will spend the money they earned so that will obviously help in the development of economy in a country.

If the state allows fair competition, the private sector's contribution to the economy will be positive. The state cannot give jobs to everyone and cannot establish areas where everyone can do business. That's why the private sector is needed. The private sector can create employment in areas that the state does not want or does not do.

The private sector's only function is not to create employment, but it also makes a positive contribution to the state depending on the business area. As I said, if fair competition is ensured in the market, private enterprises can make positive contributions in many areas.

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Quote from: TEBTC on May 04, 2024, 11:36:39 AM

The role of private sector in developing the economy of any country is very crucial and important as the role of government in society is for protection of life and property and creating the right environment for business to strive
All over the world it's private sector that has helped the economy of nations, private sector involvement is needed for economic stabilization as government only can't do this alone

Private individuals are encouraged to start up business for the purpose of profit making in so doing they're in turn creating wealth
Let take an example of say an individual who is interested in sports business and brings out money to setup a football team, first the person will start by employing young youths and them of the street and labour market and at least for a football team to be set up you must need at least fifty individuals from the players to the couching Crew to the backroom staff then the team that has been setup will need a stadium where they will be playing their match's so they will set up a structure in form of a stadium and this newly built stadium needs to be cleaned and and we'll taken care of so more people are to be employed again and salaries will be paid to them at the end of the month

I believe that we need a few things for a nation to keep going stronger. We do not need some communist nation stuff where everyone has no possession but everyone lives a similar life, that is not the way to go, but more like European nations, well before all of this immigration situation started at least. You just need government to put some laws in order, and then get out of the deal, that's it, you put regulations and laws and everything in there, which will make sure that nobody goes poor, and all you need to do is make sure that the laws are followed that is all you need to do.

But instead, a lot of nations keep trying to take money from certain people and give it to another people, that is not how you get better, you get better when everyone lives happy without government control.

AVE5

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Yes of course, the private sectors is playing virtual and vital roles accomodating the public in a massive support with the potential capacities to expand national economy under the watch of a government.
The private infrastructures is not only based on profiting the national economy on taxations but on the fact that it also attracts intercontinental corporative affairs to the society.
It has also helped in creating job opportunities with the applications of skills and knowledges within the masses of a society.
Infact, it's an impact filling the gaps by which the governments can't afford to do it all

jrrsparkles

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Quote from: Fausto Arta on May 05, 2024, 03:11:11 PM

Quote from: jrrsparkles on May 04, 2024, 12:06:23 PM

Not everything in a country can run by a government so which itself enough why we need private sectors to keep things in balance, of course government bend their rules in favour of them for whatever reasons while private sectors create job opportunities that again help someone to make money and they will spend the money they earned so that will obviously help in the development of economy in a country.

Yes, the role of the private sector in the economy remains important because it can help society by absorbing labor, increasing people's purchasing power and creativity, and increasing state income. And the private sector can also participate in the development and financing of infrastructure that has been planned by the government. And of course, the government's role as the planning party is very necessary in monitoring infrastructure so that it can be used by the community.

The moment we said private then profit comes as their priority, the job opportunities and other developments are just the secondary products from it, but government policies can keep things that can be benefit for the labourers too that is why companies don't like certain government and not going to manufacture their products while some other governments welcome them with wide open arms with no restrictions at all.

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