Reply To:
Name - Reply Comment
Last Updated : 2022-05-22 14:14:00
As the disconnect between policymakers and the general public is only growing wider, World Bank (WB) Ex-Chief Economist (Acting) Dr. Shanta Devarajan stressed the need for Sri Lanka to bridge this gap so that it has a set of effective policies rolled out towards the much required economic development.
“The fact that Sri Lanka is a democracy, there is a sense of complacency that once you’re elected, you don’t need to go back and consult people until the next election.
But that’s just not true. That’s what we’ve learned the hard way,” the development economics expert told a webinar hosted by Colombo-based think tank Pathfinder Foundation this week.
He stressed that it is essential to those in the policy making circles to hear the voices of people, particularly when undertaking reforms that are going to affect their lives.
“They should know and they should have a chance to express their opinion,” asserted Dr. Devarajan, who was recently appointed as the advisor for Maldives Finance Minister Ibrahim Ameer.
Furthermore, he pointed out that while Sri Lanka is a textbook example on the benefits a country reaps by opening up the economy, yet the current sentiment is that trade openness is bad or that it has dangerous effects on the economy.
“There is absolutely no basis for that statement. For a small open country like Sri Lanka, being protectionist makes no sense, there is really no benefit for the country from that,” said Dr. Devarajan.
Sri Lanka’s inclination towards trade protectionism was well observed since the end of 2019. The government went ahead in full steam to impose a ban on imports across a wide range of products and services, an effort to protect local industries, and retain foreign exchange to improve the balance of payment stance. A series of trade barriers have also been imposed by way of para-tariffs.
A working paper by the WB Group pointed out that in the case of Sri Lanka, reductions of trade barriers would result in faster expansion of GDP and trade, accompanied by greater economic activity in urban areas, and a shift toward export competitive sectors. (SAA)
Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.
Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.
Soap, milk, and wheat are just a few of the necessities that are scarce in Sr
Monday’s briefing by Prime Minister Ranil Wickremesinghe was a rude awakeni
The economic crisis, the outcome of months of mismanagement by the Gotabaya R
Samagi Jana Balawegaya (SJB) MP Patali Champika Ranawaka in an interview with