Economic policy and private sector development
Title: Sector Project on Sustainable Economic Policy and Private Sector Development
Commissioned by: German Federal Ministry for Economic Cooperation and Development (BMZ)
Country: Germany, supraregional
Overall term: 2017 to 2019
The international community continues to face enormous challenges. 700 million people are living in absolute poverty and 200 million are unemployed. In adopting the 2030 Agenda for Sustainable Development and its goals, the international community is striving for long-term economic, social and ecological development. Its aim is to promote prosperity, eliminate poverty and reduce inequality, as well as to conserve and protect the environment. These goals cannot be achieved without involving the private sector and a dynamic economy. Many developing countries and emerging economies require support in economic policy and private sector development. Although international and German development cooperation already contributes in these areas, they do not to the extent and depth required in view of the growing number of challenges. Approaches to economic policy and private sector development are not yet sufficiently mainstreamed in international and German development cooperation measures.
Economic policy and private sector development approaches are better integrated into international and German development cooperation measures.
The sector project operates at a supraregional level. Its priority areas are green and inclusive economic growth, economic development in the context of displacement and fragility, as well as structural transformation in developing countries.
The project provides technical advice to the German Federal Ministry for Economic Cooperation and Development (BMZ) in mainstreaming approaches to economic policy and private sector development in national and international policy-making processes and in shaping the development policy portfolio. These include the 2030 Agenda, Paris Agreement, G20, G7 and African Initiatives.
In addition, the supraregional project is developing tailored economic policy and private sector development approaches, and piloting these as examples in international and German development cooperation work. This strengthens national and international networks on matters relating to economic policy and private sector development and harnesses its contributions for development practice. The project also prepares practical and factual knowledge for various user groups, thus enabling the application and dissemination of successful economic policy and private sector development approaches.
The project supports the implementation of Sustainable Development Goals (SDGs) 1, 5, 8, 9, 10, 12 and 13 of the 2030 Agenda. Above all, this relates to SDG 8, ‘Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.’ It also contributes to poverty reduction, sustainable industrialisation, innovation and infrastructure, reducing inequality, sustainable patterns of consumption and production, and tackling climate change. The effects of the project’s development policy include gender equality and (economic) self-determination of women and girls.