Presidential term limits barrier to economic development: academic

10 May 2018 11:00 am - 28 - {{hitsCtrl.values.hits}}

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The term limits to the executive presidency remain a major barrier for Sri Lanka’s economy to take off, as the country requires a determinant leader for about 15 years to drive economic development, a prominent academic said referring to Singapore’s development experience.
Delivering a lecture titled ‘Singapore’s Development Experience: Lessons for Sri Lanka’, Gamani Corea Foundation Director Research and Adjunct Professor to National University of Singapore Professor Tilak Abeysinghe highlighted that political stability, quality of governance combined with a collective vision rather than an individual’s vision was the mixture for the Sri Lankan economy to take off.
Hence, he said the term limits on the executive presidency need to be removed to allow a determinant leader to focus on long-term economic prospects for the country.
Abeysinghe noted that non-economic factors matter more than economic factors in the developing process.
Drawing lessons from Singapore’s development experience, he said that the top four crucial non-economic factors are: political stability and quality of governance, national security, politicians with high opportunity cost and geopolitics.
“Either a single-party rule for a sustained period or a common agreement on an economic agenda is needed to set the vision beyond a single (five-year) political term. Focus on the long-run, not on what is politically expedient.”
Abeysinghe also stressed that while the political stability is needed for the economy to take-off, the quality of governance is required to maintain the altitude.
He further said that the government should leave the economy on the hands of the private sector while limiting its role to providing macroeconomic stability.
He stressed that the quality of governance emerges through that type of economic and political system in place. Hence, he pointed out that a private sector-driven open economy could act as a mechanism in disciplining the forces in government bureaucracy.
Abeysinghe also asserted that the openness to trade and investments exert a disciplining effect on the regime while enhancing growth, improving quality of governance and lowering the probability of ethnic conflicts, regardless whether it’s a democracy or an authoritarian regime.
However, sharing her observations, Institute of Policy Studies of Sri Lanka (IPS) Executive Director Dr. Dushni Weerakoon noted that considering the socio-politic dynamics of Sri Lanka, being a South Asian country with a large rural community, who are dependent on agriculture, the political structure and quality of the government of Singapore cannot be replicated in Sri Lanka.
Referring to the GINI index, Weerakoon also pointed out that Singapore has one of the highest income inequalities in the world, which is caused by its taxation system due to the absence of capital gains taxes and inheritance taxes along with low income taxes and limited welfare spending.
“Sri Lanka has to learn from others but it needs to work under its own unique terms to adopt its own economic model,” Abeysinghe responded. (NF)

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Comments - 28

das Thursday, 10 May 2018 11:11 AM

Sounds like an MR stooge.

Nimal Thursday, 10 May 2018 12:04 PM

Yeah, what planet is this academic from? That’s the last thing SL needs right now. It will be a dictator in the making...

Raj Thursday, 10 May 2018 11:17 AM

Any donkey can get a doctorate just another living proof!

Suren Sarathkumara Thursday, 10 May 2018 11:17 AM

It doesn't take a professorship to understand that the need of the hour is not a prolonged executive presidency - but a legislation that prevents MPs from switching sides for benefits.

Preethi Thursday, 10 May 2018 11:20 AM

That's what Mr do s. BUT SO called NGOs and academics said the opposit back then. Now the country's economy in worse state singing a different tune.

Long memory Thursday, 10 May 2018 12:05 PM

The economy was collapsing during MRs time. That's why he called for an early election.

Leo Thursday, 10 May 2018 02:10 PM

@Long memory this is what is wrong with us. Do you call a 7% growth as collapsing?

Long memory Thursday, 10 May 2018 07:41 PM

@leo. That 7% was due to unsustainable and nonsensical initiatives like white elephant projects on commercial borrowings and creating unwanted jobs for unemployable graduates etc which put a heavy strain on the economy which couldn't be managed.

Jaliya Thursday, 10 May 2018 08:06 PM

Leo, The actual GDP growth was closed to 2.7% and all the other additions were manipulated by the MR shysters. How is it possible for our economy to grow above China during the same period ? Do we have anything to show as proof ?

AJ Thursday, 10 May 2018 11:20 AM

You are wrong sir!We don't need a single person in power for any period. We only need a stable long term economic policy to drive the economy.The problem is that non of our leaders have come up with a stable long term economic policy. Politicians change the national policy to suit their personal benefit and when the government changes it creates economic instability as the national policies change.

Gamaya Thursday, 10 May 2018 11:27 AM

Even now 2 terms is 10 years. We had at 12 yrs.surely that's enough for a good leader who is also ready to groom a successor. A person tooo long in power leads to corruption.

Sunil Thursday, 10 May 2018 11:30 AM

Say U never never never never need itOne headline Y believe it.

Titanic Thursday, 10 May 2018 11:31 AM

What will see if the President elected is playing fool for his term 15 years.

Ram Thursday, 10 May 2018 11:35 AM

It is not about one person, it is a system that creates a better economy, and more over it is the acceptance of other people which makes every one to work hard in one direction.

riyaz Thursday, 10 May 2018 11:37 AM

Its not the term we dont have a national policy when leaders change country policies too change our politicians are selfish

Ajith Thursday, 10 May 2018 12:50 PM

Any developed country with personal freedom and longer terms?.

Unchikun Thursday, 10 May 2018 12:50 PM

Yes sir, that is why the US is still an underdeveloped country. This is why I decided to dropout of school and study on my own. Read no doctorates and alphabets.

MAD HATTER Thursday, 10 May 2018 12:55 PM

Knowing the stuff all politicos are made of - this fool is talking through his hat.

Countryman Thursday, 10 May 2018 02:26 PM

I think, either he did not understand Singapore economic development or misunderstood/interpreted it???

saliya Thursday, 10 May 2018 02:28 PM

but we don't have the quality of politicians that S'pore has. So the same principle does not work here

Dee Thursday, 10 May 2018 02:44 PM

Adding to the misery, some idiot will call election before the term is over.

druvi Thursday, 10 May 2018 03:15 PM

Are u MAD?

dulan Thursday, 10 May 2018 03:49 PM

First can we find one so called dertermined leader of quality who puts country before self party and family

Nalini Thursday, 10 May 2018 05:56 PM

Singapore majority Chinese are united and are in control of its affairs. Ours the Indian colonists minority is in control of all our affairs with the help of India.

gopi Friday, 11 May 2018 01:57 PM

what is the % of non sinhalese in parliament? Are you saying the sinhalese are not in control of the nations affairs?

Rohantha Thursday, 10 May 2018 08:05 PM

It may be ok for Singapore . For Sri Lanka oh no

Kumar Thursday, 10 May 2018 09:11 PM

Dr. Weerakoon did you forget that Singapore is very small country and easy to manage. Unlike lankans those people work hard for living. In Srilanka the politicians keep appointing crooks to top jobs and billions they collect cause inflation.

Ceylon Thursday, 10 May 2018 10:12 PM

This man need money.sirisena will help you.

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Presidential term limits barrier to economic development: academic

Comments - 28

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