Enhancing Competitiveness in Sri Lanka
Sri Lanka needs to address new challenges if it is to sustain its strong record of economic growth and poverty reduction. The country has in many respects been a development success story, with average growth exceeding 6 percent and a threefold dec...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2016/06/26535399/enhancing-competitiveness-sri-lanka http://hdl.handle.net/10986/24927 |
| id |
okr-10986-24927 |
|---|---|
| recordtype |
oai_dc |
| spelling |
okr-10986-249272021-05-25T08:50:33Z Enhancing Competitiveness in Sri Lanka World Bank Group competitiveness investment climate trade policy trade facilitation FDI entrepreneuership Sri Lanka needs to address new challenges if it is to sustain its strong record of economic growth and poverty reduction. The country has in many respects been a development success story, with average growth exceeding 6 percent and a threefold decline in poverty using the national poverty line over the past 10 years. However, low productivity, high reliance on non-tradable sectors and a stale export basket highlight the need to enhance private sector competitiveness as a way to create one million new jobs. The Government of Sri Lanka (GoSL) has recognized the need to adopt a policy agenda that strengthens the competitiveness of the country’s private sector in order to achieve inclusive and sustainable growth. The new Government has emphasized the need to realize Sri Lanka’s trade potential as a way to accelerate the transformation of the economy and generate new and more attractive opportunities for Sri Lanka’s labor force.Unleashing the competitiveness potential of Sri Lankan enterprises will require addressing a wide range of factors. this note focuses on opportunities to improve areas directly impacting the competitiveness of the private sector, including streamlining the regulations governing the activities of the private sector to reduce the cost of doing business; strengthening trade policies to eliminate biases against exports; enhancing trade facilitation to reduce the costs and time it takes to export; enhancing the ability of the country to attract, retain and integrate FDI; enhancing innovation and entrepreneurship and strengthening accessibility to financial services. It is important to note, that there are small islands of Research and Development (R&D) progress in Sri Lanka. Going forward, as Sri Lanka aspires to become a higher middle income economy driven by higher addedvalue exports, major reforms will be required in its investment climate; investment, innovation andtrade policies and the efficiency of the institutions governing the activities of domestic and foreign firms.This note summarizes the main findings of this work and outlines options forimplementation of reforms needed. 2016-08-24T18:12:29Z 2016-08-24T18:12:29Z 2016-06 Report http://documents.worldbank.org/curated/en/2016/06/26535399/enhancing-competitiveness-sri-lanka http://hdl.handle.net/10986/24927 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Private Sector Development, Privatization, and Industrial Policy Economic & Sector Work South Asia Sri Lanka |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
competitiveness investment climate trade policy trade facilitation FDI entrepreneuership |
| spellingShingle |
competitiveness investment climate trade policy trade facilitation FDI entrepreneuership World Bank Group Enhancing Competitiveness in Sri Lanka |
| geographic_facet |
South Asia Sri Lanka |
| description |
Sri Lanka needs to address new
challenges if it is to sustain its strong record of economic
growth and poverty reduction. The country has in many
respects been a development success story, with average
growth exceeding 6 percent and a threefold decline in
poverty using the national poverty line over the past 10
years. However, low productivity, high reliance on
non-tradable sectors and a stale export basket highlight the
need to enhance private sector competitiveness as a way to
create one million new jobs. The Government of Sri Lanka
(GoSL) has recognized the need to adopt a policy agenda that
strengthens the competitiveness of the country’s private
sector in order to achieve inclusive and sustainable growth.
The new Government has emphasized the need to realize Sri
Lanka’s trade potential as a way to accelerate the
transformation of the economy and generate new and more
attractive opportunities for Sri Lanka’s labor
force.Unleashing the competitiveness potential of Sri Lankan
enterprises will require addressing a wide range of factors.
this note focuses on opportunities to improve areas directly
impacting the competitiveness of the private sector,
including streamlining the regulations governing the
activities of the private sector to reduce the cost of doing
business; strengthening trade policies to eliminate biases
against exports; enhancing trade facilitation to reduce the
costs and time it takes to export; enhancing the ability of
the country to attract, retain and integrate FDI; enhancing
innovation and entrepreneurship and strengthening
accessibility to financial services. It is important to
note, that there are small islands of Research and
Development (R&D) progress in Sri Lanka. Going forward,
as Sri Lanka aspires to become a higher middle income
economy driven by higher addedvalue exports, major reforms
will be required in its investment climate; investment,
innovation andtrade policies and the efficiency of the
institutions governing the activities of domestic and
foreign firms.This note summarizes the main findings of this
work and outlines options forimplementation of reforms needed. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Enhancing Competitiveness in Sri Lanka |
| title_short |
Enhancing Competitiveness in Sri Lanka |
| title_full |
Enhancing Competitiveness in Sri Lanka |
| title_fullStr |
Enhancing Competitiveness in Sri Lanka |
| title_full_unstemmed |
Enhancing Competitiveness in Sri Lanka |
| title_sort |
enhancing competitiveness in sri lanka |
| publisher |
World Bank, Washington, DC |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/2016/06/26535399/enhancing-competitiveness-sri-lanka http://hdl.handle.net/10986/24927 |
| _version_ |
1764457924108746752 |