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Article

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Sri Lanka has long been admired by development economists, international financial institutions, and public intellectuals for leading South Asia in all economic and social indicators. Per capita income of $3853 in nominal terms (almost twice as much as India’s) and $12850 in PPP dollars, poverty headcount (measured at $1.90 per day) less than one percent of the population and multidimensional poverty of 16 per cent placed the country ahead of every other country in the region. Sri Lanka was the first one to pursue economic liberalization, as early as 1977, by introducing a less restricted foreign trade and investment regime compared to the three large economies in the region. The ratio of exports of goods and services to GDP reached 23.1 per cent. As a matter of fact, in 1977 the aspirational goal for the country was to become the Singapore of South Asia – a place which has since been taken over by Dubai. The long protracted civil war that lasted almost 30 years was a serious setback in translating this vision into fulfilment. After the war ended in 2009, the country resumed the path of recovery and recorded a gradual, slow but stable growth until 2019.

Publication Source

The News

Publication Date

7-22-2022

Pages

1-4

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