Private sector

The private sector refers to the part of the economy operated by individuals, companies, and organizations that are not owned or controlled by the government. It includes businesses like shops, factories, banks, and tech firms that sell goods or services to consumers and other businesses. The private sector plays a key role in creating employment, generating profit, and driving innovation. It operates independently of government management, though it often works within regulations and policies set by authorities. Overall, the private sector is essential for economic growth and providing a wide variety of goods and services in the market.