In fact, while there are some infirmities in interventions by government, markets do experience market-failures and cannot exist without some externally imposed rules and prescriptions of the public policy. As the poor, the vulnerable and the underprivileged continue to be the responsibility of the national governments, there is relevance of national public policy - particularly as it relates to global economic integration.
Raising investment Let me turn to investment. Investment is the backbone of a dynamic economy. In the early 1980s, we achieved investment levels in excess of 25 percent of GDP. Since then, investment in all sectors has declined. Private investment, which was at 15 percent of GDP, is now hovering at only around 4 percent.