Sri Lanka has to increase its global competitiveness – World Bank

Sri Lanka has to increase its global competitiveness – World Bank

Sri Lanka has to increase its global competitiveness – World Bank

Written by Lahiru Fernando

18 Oct, 2017 | 10:15 pm

“Sri Lanka needs to look beyond its 20 million market and increase it’s global competitiveness to sustain long term growth.”

That is what the World Bank said in a feature article on the Sri Lankan government’s new ‘Vision 2025’ economic development plan.

Reforms for a competitive economy

The World Bank has endorsed ‘Vision 2025’ as a course that sets out reforms to make the economy competitive and lift standards of living. It has also assured its support to help address constraints to economic growth identified in the ‘Vision 2025 policy document.

What is impending Sri Lanka’s growth?

  • Unequal economic development across provinces
  • Land administration
  • Rapidly aging population

The World Bank is supporting the government on initial technical work to expand and review broader constraints in land administration and to expose stakeholders to international experience and good practice.

The bank also said income protection for Sri Lanka’s senior citizens are not adequate and reforms are needed for pension systems like the EPF and the ETF for reliable support for the aging and vulnerable segments.

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