The development of private business is an important part of the World Bank's strategy to do away with poverty.
Private businesses help to increase production and help countries achieve further economic growth.
When governments can focus less on the production of goods and services which the private sector can provide, they can pay more attention to the development of good legal systems, fair tax policies, and programs to care for people. Private sector development is happening in a world that is becoming increasingly connected economically, with mounting business competition and rising expectations of people. All of this is taking place at a time of global economic crisis. Globalization both creates opportunities and risks. Countries need agile and dynamic private businesses to use the opportunities.