Abstract
This study searches the intricate relationship between public investment, fiscal sustainability, and economic dynamics, exploring their connections, theoretical foundations, empirical evidence, and policy implications. It highlights the central role of strategic public investment in driving economic growth, maintaining stability, and fostering inclusive development, examining various theoretical perspectives such as neo-classical growth theory, Keynesian economics, endogenous growth theory, new institutional economics, and political economy perspectives to understand how public investment shapes economic outcomes. By synthesizing empirical evidence, the analysis demonstrates the positive association between public investment and critical economic indicators like growth, fiscal sustainability, productivity, and employment. It emphasizes the importance of targeted public investment in infrastructure, education, healthcare, and innovation in promoting economic prosperity and societal advancement. Moreover, drawing on case studies from diverse regions, the study provides insights into effective strategies for public investment and infrastructure development, highlighting their impacts and challenges. Policy recommendations stemming from the findings advocate for a holistic approach that includes strategic investment, fiscal responsibility, efficiency enhancement, inclusivity promotion, and international cooperation. These recommendations underscore the need to align public investment strategies with national development priorities, ensure fiscal sustainability through prudent management, enhance investment efficiency, foster inclusivity, and leverage global partnerships to tackle common challenges. By adopting these recommendations, policymakers can pave the way for sustainable development and prosperity, ensuring that public investment acts as a driver for positive economic and social change.
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