SUSTAINABLE economic development in the region is vital to address social needs ranging from health and education, to environmental and cultural protection, says a report released by the Pacific Private Sector Development Initiative.
In its seventh progress report for July 2013 — June 2014, PSDI said this could not occur without resources generated by private sector growth.
“By contrast, public sectors cannot effectively create their own revenues-they require resources produced by business activity, entrepreneurship, investment, and growth,” said PSDI, which started operations in 2006 and co-financed by the Asian Development Bank, Australian and New Zealand governments.
“Healthy economies are dominated by strong private sectors that provide, through taxation, the surplus necessary for the public sector to finance services.
Well-ordered, prosperous societies require public goods such as law and order, health, and education.”