Sri Lanka : Recapturing Missed Opportunities
Despite its healthy economic growth, due to good macroeconomic management, and progress in trade liberalization, Sri Lanka's development is perceived to be well below its potential. Certainly, the civil conflict has taken a heavy social, and e...
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| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2000/06/437074/sri-lanka-recapturing-missed-opportunities http://hdl.handle.net/10986/15254 |
| Summary: | Despite its healthy economic growth, due
to good macroeconomic management, and progress in trade
liberalization, Sri Lanka's development is perceived to
be well below its potential. Certainly, the civil conflict
has taken a heavy social, and economic toll on the
country's performance, but also governance, and public
institutions have weakened, though maintaining a dominance
on the financial sector, and utilities, which further
exacerbates productivity, having lost opportunities, in
terms of growth, and employment. The study examines recent
economic, and social performance, indicating the priority
challenges the country needs to face, and vulnerabilities to
overcome. Resolving the civil conflict should be paramount.
In addition, the role of government needs to be not only
revised, but reduced, through strong policy reforms, reduce
the fiscal deficit, improve the structure of expenditures,
and remove policy distortions in the labor market. The
privatization process needs to be enhanced, through reduced
numbers of public institutions, effective decentralization,
and addressing governance weaknesses. The dimensions of
poverty are addressed, exploring vulnerability, insecurity,
and marginal poverty, suggesting governance issues in
poverty programs, and issues for future poverty strategy.
Above all, success lies in the full collaboration of all stakeholders. |
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