By Saman Kelegama
This ebook examines a number of impediments confronted within the improvement strategy and implementation of reforms in Sri Lanka, really after fiscal liberalization in 1977. the writer keeps that it's a case of improvement below pressure the place the end result has been some distance less than the country's strength. The e-book describes key positive aspects of the Sri Lankan socio-political and economic climate that avoided the rustic from reaching better degrees of financial progress. It explains why it may well no longer fit the industrial achievements of South Korea and Malaysia-countries that had related according to capita source of revenue degrees to that of Sri Lanka within the Nineteen Fifties. The publication is split into 5 elements. the 1st half examines 50 years of monetary improvement and the demanding situations forward; the second one discusses the industrial liberalization debate; the 3rd half seems at macroeconomic administration in the course of tricky instances; the fourth appears to be like at sectoral concerns with regards to and agriculture; and the ultimate half examines employment and poverty.
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Additional resources for Development Under Stress
Improved infrastructure will also enable the country to attract more FDI and increase its share in GDP from the current level of 1 per cent to about 4 per cent in the medium-term. The challenge for the new government is to carve out a mixed economy with selected deregulation for unleashing more sectors for private sector participation, while at the same time strengthening the regulatory system for public delivery and strengthening the role of the state where the private sector involvement is weak for instance, physical infrastructure development.
RSL was an ambitious grand reform programme that was pursued very aggressively. However, the question regarding the kind of reforms that would work and that would not work in the given environment, was not addressed. Moreover, there was no sequencing of reforms. The assumption was that the flow of foreign assistance would offset stabilisation and adjustment costs and buy off protest and opposition to reform. This was not to be the case and thus, the policy implementation strategy was vulnerable to capture by interested groups in coalition politics and by an Executive President who represented a different political party.
Despite its human development record, the country remained a low-income country with substantial poverty. 4 per cent of the country’s 17 million population lived below the poverty line (World Bank, 1995a: 6). Further, although its long-term growth compared favourably with developing countries, it fell well short of the growth rate achieved in the last three-and-a-half decades by high performing East Asian countries, such as Korea, Malaysia, Thailand and Indonesia. 2 By 1995, however, a totally different picture emerged, Sri Lanka’s per capita income had risen to only USD 700 compared with USD 9,700 for South Korea, USD 3,890 for Malaysia, USD 2,740 for Thailand and USD 980 for Indonesia (World Bank, 1997: 214).