Good governance is important for economic development and involves participatory, transparent, and consensus-oriented decision making. It also entails accountability, effectiveness and efficiency, equity and inclusiveness, and adherence to the rule of law. Good governance creates a transparent and predictable environment for business through fair regulatory frameworks and policy making. It positively impacts the business environment by reducing bureaucracy and corruption. Both public and private sectors depend on each other, so governments should facilitate the private sector through appropriate regulation and corruption control to serve economic and social goals.