Economic Development and Wellbeing

This may well be a time at which Sri Lanka has arrived at a cross road in its development history. Thirty years of economic reforms have transformed the economy - from inward- looking policies focused on self-sufficiency to a competitive export-oriented economy. Sustained economic growth, coupled with modest population growth, has resulted in a doubling of per capita incomes over the past three decades and a decline in consumption poverty. Indeed, the country has achieved middle income country status and the economy grew at 8% in 2010 and 2011. Beautification of the capital, Colombo, is progressing rapidly and newly carpeted roads connect Colombo with previously difficult to access corners of the island. A second international airport, a new harbour, and new infrastructure, such as performance arts centres and sports complexes, have been constructed and attest to the rapid changes taking place in the country. However, national-level data hides a number of regional disparities in economic growth and poverty reduction. Other factors, such as unresolved ethnic tensions, high levels of crime and violence in society as well as extremely high levels of suicides and attempted suicides, suggest that despite our impressive economic progress and social development indicators, we may be no nearer to achieving widespread wellbeing.

See attached document for full text. The article was first published in the July issue of the LMD

Read 1212 times Last modified on Wednesday, 08 January 2014 04:29

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