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 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.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2000-06-16
Subjects:	ACCOUNTABILITY, ADB, ADMINISTRATIVE COSTS, ADVERSE IMPACTS, AGRICULTURE, BALANCE OF PAYMENTS, BANK RESTRUCTURING, BORROWING, CAPITAL EXPENDITURES, CAPITAL FLOWS, CENTRAL BANK, CENTRAL BANK OF SRI LANKA, CIVIL SERVICE, COMMERCIAL BANKS, COMPETITIVENESS, CONSOLIDATION, CONSULTATIVE PROCESS, CONSUMER PRICE INDEX, CRIME, CURRENT EXPENDITURES, DEBT, DEBT SERVICE, DEBT SERVICING, DECENTRALIZATION, DIRECT INVESTMENT, DISSAVINGS, EARNINGS GROWTH, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC OUTCOMES, ECONOMIC PERFORMANCE, ECONOMIC PROBLEMS, ELECTRICITY, ELECTRICITY GENERATION, EMPLOYMENT, EXCHANGE RATE, EXCISE TAXES, EXPENDITURES, EXPORTS, FINANCIAL ACCOUNTABILITY, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL SECTOR, FISCAL YEAR, FISHING, FOREIGN INVESTORS, GDP, GNP, GOOD GOVERNANCE, GOVERNANCE ISSUES, GOVERNMENT DEBT, GROSS DOMESTIC PRODUCT, GROSS NATIONAL PRODUCT, GROSS NATIONAL SAVINGS, GROWTH PATH, GROWTH PERFORMANCE, GROWTH RATE, GROWTH RATES, HUMAN DEVELOPMENT, HUMAN RESOURCE, HUMAN RIGHTS, IMPORTS, INCOME, INCOME GROWTH, INEQUALITY, INFLATION, INTEREST RATES, INTERNATIONAL DEVELOPMENT, LAND USE, MACROECONOMIC MANAGEMENT, MACROECONOMIC POLICIES, MIGRATION, MONETARY POLICY, PARLIAMENT, PARLIAMENTARY OVERSIGHT, PER CAPITA INCOME, PER CAPITA INCOMES, POLITICAL CONDITIONS, POLITICAL LEADERS, POOR PERFORMANCE, POVERTY LINE, PRICE INCENTIVES, PRICE INCREASES, PRIME MINISTER, PRIVATE SECTOR, PRIVATE SECTOR PARTICIPATION, PRIVATIZATION, PRODUCERS, PRODUCTIVITY, PROFITABILITY, PUBLIC DEBT, PUBLIC FINANCES, PUBLIC INSTITUTIONS, PUBLIC SECTOR, PUBLIC SERVANTS, PUBLIC SERVICE, REAL GDP, REAL SECTOR, RECURRENT EXPENDITURES, REGULATORY FRAMEWORK, RESERVE REQUIREMENT, REVENUE PERFORMANCE, SAVINGS, SOCIAL COSTS, SOCIAL DEVELOPMENT, SOCIAL POLICIES, STATE BANKS, SUBSIDIARY, TAX, TAX ADMINISTRATION, TAX INCENTIVES, TAX REFORMS, TAX REVENUE, TAX REVENUES, TAXATION, TELECOMMUNICATIONS, TELEPHONE LINES, TRADE LIBERALIZATION, TRADE TAXES, TRANSPORT, TREASURY, TURNOVER TAXES, UNEMPLOYMENT, UTILITIES, VALUE ADDED, WAGES, YOUTH ECONOMIC GROWTH, ECONOMIC MANAGEMENT, DEVELOPMENT POTENTIAL, SOCIAL CONDITIONS, POVERTY, GOVERNANCE, PUBLIC FINANCE, FISCAL CONSTRAINTS, EXCHANGE RATE POLICY, POVERTY REDUCTION, REFORM POLICY, PRODUCTIVITY POLICY, EMPLOYMENT GENERATION, PERFORMANCE INDICATORS, GOVERNMENT ROLE, FISCAL DEFICITS, PUBLIC EXPENDITURES, LABOR MARKETS, STAKEHOLDER PARTICIPATION, CIVIL WAR,
Online Access:	http://documents.worldbank.org/curated/en/2000/06/437074/sri-lanka-recapturing-missed-opportunities https://hdl.handle.net/10986/15254
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