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Ahadzi, M and Bowles, G (2001) Public-private partnerships in UK infrastructure development: the macroeconomic perspective. In: Akintoye, A (Ed.), Proceedings 17th Annual ARCOM Conference, 5-7 September 2001, Salford, UK. Association of Researchers in Construction Management, Vol. 1, 971–9.
- Type: Conference Proceedings
- Keywords: infrastructure; macroeconomics; public private partnership; investment; procurement
- ISBN/ISSN: 0 9534161 6 X
- URL: http://www.arcom.ac.uk/-docs/proceedings/ar2001-971-979_Ahadzi_and_Bowles.pdf
The construction industry's contribution to UK's gross domestic product (GDP) is in excess of 5%. Hence any attempt aimed at improving productivity and efficiency should naturally have a positive effect on the economy. The Private Finance Initiative (PFI) was introduced in 1992 by the UK government as part of a strategic rethink aimed at not only harnessing private sector efficiency gains in its infrastructure development and rehabilitation effort but primarily as a means of easing the burden on public debt by reducing the Public Sector Borrowing Requirement (PSBR) through the effective utilization of private capital by way of Public-Private Partnerships (PPPs). Set against the background of macroeconomic development theory, the paper reviews the central objectives of the PFI/PPP and examines how far the strategy is addressing the issues of growth and development. The evidence so far is that some of these growth determinants are being manifested. However there is the need to do some more empirical research on the projects that have been completed and running.