Transparency, and the integrity that it supports, are critical to increased government effectiveness, sound governance, and the restoration of societal trust in institutions and markets. They also support efforts to combat corruption, strengthen the efficient allocation of public spending, discourage tax evasion, reduce costs in financing and transactions, increase resiliency in supply chains, lower trade barriers, and encourage productive investment—all of which positively affect sustainability, competitiveness, and economic growth.
Effective transparency depends on several intrinsically connected factors, including accountability, institutional quality, respect for the rule of law, and productivity. In addition, Good Regulatory Practices (GRP) can provide a practical method for increasing transparency and integrity because regulatory quality is a determining factor of productivity and competitiveness and a key to improved government decision-making relating to the business environment and the promotion of trade.
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