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Question
Explain how public sector contributes to the economic development of a nation.
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Solution
The public sector contributes significantly to a country’s economic development because its primary goal is not to make a profit. All critical activities are carried out in a general manner. Only the generic sector performs this function.
The public sector is responsible for activities that all members of society demand, such as the construction of roads, bridges, trains, ports, power, and the provision of irrigation facilities from dams, among others. The government is responsible for such high expenditures. The government buys wheat and rice to ensure that farmers receive fair prices. It stores it in its God-owned facilities and offers it to consumers at affordable costs through ration shops. In this way, the government helps both farmers and consumers.
The public sector also performs primary functions such as providing universal health care and education. It is the government’s responsibility to operate the school properly and provide quality education. In this regard, the public sector’s contribution to a country’s economic development is important.
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