The economic crisis is a global problem. The effects on developing countries are being felt, and are likely to get worse. Up to 90 million people could remain in, or be pushed into extreme poverty as a result. This means governments around the world are focusing as a matter of urgency on how to attract investment and create the best conditions for growth.
The role of business in development is not new. The private sector is the engine of growth in the poorest of countries, and that growth drives development. Jobs are the best way out of poverty, and nine out of ten jobs in the developing world are in the private sector. The private sector, of course, means not only big corporations, but all those market traders, entrepreneurs and farmers who sell their goods and services in the market economy.
That's DFID Minister Mike Foster writing on the Business Fights Poverty blog. Foster's post coincides with the release of DFID's Private Sector Development Strategy. Also check out materials from the launch event, held in London on January 20.