Topic > The Public Sector: The Role of the Public and Private Sectors

The private sector, as noted in many forums and literary articles, faces a distinctive disadvantage when it comes to addressing issues of national importance. Notably, these issues include safety as a feature, public health, and even public education (Chaudhary & Sharma, 2011). There are differences in the formulation of the public and private sectors as pillars of the economy. The private sector is more aligned towards providing products and services to people who can afford them for a fee. The public sector, on the other hand, has a more utilitarian approach. Their provision of products and services is aligned to the benefit of everyone in society. This is where the differences between the two sectors appear. However, it is important to note that no particular economy can prosper without a fundamental composition of the two sectors (Little, 2003). The role that the private sector plays in contributing to a country's national income is indispensable. The total production of the two sectors directly contributes to the growth of a nation's GDP. Therefore, given the importance of the two sectors in an economy, it is crucial that these two sectors of the economy operate optimally and in a way that allows them to ensure higher levels of production for a country. Each sector therefore has well-defined roles to play in ensuring that the economic progress of the country is guaranteed. This paper examines how the two sectors of the economy interact and how they influence the growth of GDP and the economy as a whole. The paper examines the various parameters and avenues in which the two sectors interact in a coordinated and combined effort to boost the nation's GDP and economy. It also examines the area... in the center of the paper... together to achieve the development goals of an economy. No sector is self-sufficient. When the two sectors work in unison, a nation's GDP increases significantly. Various sectors have been discussed in this document in relation to how the two sectors can work together. These avenues, as outlined here, include security, infrastructure development, promotion of trade and commerce between countries, institutionalization and protection of cottage industries. As seen in this article, each party has an important role to play in a country's economy. If a party doesn't do its part, a country's economy will likely not prosper. In conclusion, the document demonstrated that the economic development of any nation is a contribution of both the private and public sectors and each must play its role. fundamental role in guaranteeing the economic development of a country.