“Increasingly, frequent natural disasters also demand more preparedness. It is therefore important to manage risks at different levels.Sri Lanka’s progression towards Upper-Middle-Income status, as outlined in its ambitious Vision 2025, hinges on the economy’s competitiveness and its ability to pursue an export-led growth model, while ensuring it leaves none of its most vulnerable citizens behind," said Van Doorn.
To sustain growth, job creation and poverty reduction, Sri Lanka needs to move to a more private investment, tradable sector-led growth model, says the latest Sri Lanka Development Update, the World Bank’s half-yearly flagship report on the country’s economy, future outlook and policy priorities.
According to the update, the new growth model, as captured in the Vision 2025 document, will require a shift from a public investment, non-tradable sector-driven growth model to a private investment, tradable sector-led model; a move that will allow the island nation to benefit from its location close to the largest fast-growing economies in the world.
Nishantha Priyadarshana
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