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June 07, 2018

Economic boost through private sector development

For Myanmar to become an emerging economy, more encouragement should be given to the private sector to get involved in areas including education, energy, agriculture and infrastructure.
According to economists, the private sector can generate 80% of jobs in developing countries and is seen as an essential tool in the fight against unemployment and poverty. Clearly, unemployment and poverty goes hand in hand, often sparking social and political instability.
The government should therefore set out plans that focus on employment creation and poverty reduction depending on local conditions. To stimulate greater private sector involvement in economic growth, the government needs to commit itself to provide training and expertise to small businesses, encourage safety at work and create easy access to markets and financial institutions so that they can expand with time.
There is every reason to believe that the expansion of the private sector, especially small and medium enterprises, is not only a major source of employment creation but also a driving force of economic boost. In other words, the private sector can help start-ups enjoy economic opportunities and arm the grass-roots with the ability to help themselves out of poverty.
A hungry man is an angry man, so goes a saying. The onus is on the government to play a leading role in channeling sustainable investment into small markets in order that the private sector has positive effect on economic development across the nation.


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