Question

exain how public sector contributes to the econlmic development of a nation

Answer 1

The economic system is run by public and private sector. Public sector is run by the government for the welfare of the country, whereas, the private sector is the one run by private companies/business firms for their personal benefits. 

For the development of a nation, the public sector holds immense important as its sole purpose is the welfare of the people. Public sector includes development of infrastructure, education system, communication etc.

Through the public sector, the country may increase its productivity and result in increase in per capita income and improvement of living standards. 

Answer 2

Answer:

Public sector plays an important role in economic development in a country.

Explanation:

In the following ways, Public Sector contributes to the economic development of a nation.

•It promotes rapid economic development through creation and expression of infrastructure.

•It creates employment opportunities. •It generates financial resources for development.

•It ensures equality of income, wealth and thus a balanced regional development.

.•It encourages the development of small, medium and cottage industries. •It ensures easy availability of goods at moderate rates.

•Contributes to community development for example to the Human Development Index (HDI) via health and educational.