Creating Markets in Sri Lanka : Private Sector-Led Inclusive Growth from Islands of Excellence : Country Private Sector Diagnostic

Sri Lanka is a country of paradoxes. With the lowest poverty rates, best social indicators, and highest per capita income in South Asia, Sri Lanka’s economic performance since independence had generally been hailed as a success before the current debt crisis. However, past performance occurred amids...

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Main Author:	International Finance Corporation
Format:	Report
Language:	en_US
Published:	World Bank, Washington, DC 2022
Subjects:	COVID-19 MACROECONOMIC IMBALANCES INCONSISTENT POLICIES LACK OF TRADE INTEGRATION ISLANDS OF EXCELLENCE IT-ENABLED SERVICES SPECIALIZED MANUFACTURING AGRIBUSINESS
Online Access:	http://hdl.handle.net/10986/37839

id	okr-10986-37839
recordtype	oai_dc
spelling	okr-10986-378392022-08-15T20:38:53Z Creating Markets in Sri Lanka : Private Sector-Led Inclusive Growth from Islands of Excellence : Country Private Sector Diagnostic International Finance Corporation COVID-19 MACROECONOMIC IMBALANCES INCONSISTENT POLICIES LACK OF TRADE INTEGRATION ISLANDS OF EXCELLENCE IT-ENABLED SERVICES SPECIALIZED MANUFACTURING AGRIBUSINESS Sri Lanka is a country of paradoxes. With the lowest poverty rates, best social indicators, and highest per capita income in South Asia, Sri Lanka’s economic performance since independence had generally been hailed as a success before the current debt crisis. However, past performance occurred amidst many distortions and an economy less open than its peers, largely reflecting the strong involvement of the state in the economy. Even if this interventionist model of economic policy and the presence of many state-owned enterprises (SOEs) served the country well through the years of conflict and their aftermath, it is no longer sustainable. Indeed, after the rapid growth of the peace dividend in the years post-2009, the economy has faltered and progress on social indicators has stagnated. Many of market distortions remain and have been exacerbated by COVID-19. Understanding how, despite these handicaps, Sri Lanka achieved positive economic and social outcomes in the past provides the building blocks of a realistic, forward-looking growth strategy, one of the objectives of this Country Private Sector Diagnostic (CPSD). The research for this report was conducted prior to the current crisis, but the recommendations remain relevant to implementing public policies that will support private sector-led inclusive and sustainable growth. 2022-08-05T20:16:53Z 2022-08-05T20:16:53Z 2022-07 Report http://hdl.handle.net/10986/37839 en_US Country Private Sector Diagnostic; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo International Finance Corporation World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: PSD, Privatization and Industrial Policy South Asia Sri Lanka
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	en_US
topic	COVID-19 MACROECONOMIC IMBALANCES INCONSISTENT POLICIES LACK OF TRADE INTEGRATION ISLANDS OF EXCELLENCE IT-ENABLED SERVICES SPECIALIZED MANUFACTURING AGRIBUSINESS
spellingShingle	COVID-19 MACROECONOMIC IMBALANCES INCONSISTENT POLICIES LACK OF TRADE INTEGRATION ISLANDS OF EXCELLENCE IT-ENABLED SERVICES SPECIALIZED MANUFACTURING AGRIBUSINESS International Finance Corporation Creating Markets in Sri Lanka : Private Sector-Led Inclusive Growth from Islands of Excellence : Country Private Sector Diagnostic
geographic_facet	South Asia Sri Lanka
relation	Country Private Sector Diagnostic;
description	Sri Lanka is a country of paradoxes. With the lowest poverty rates, best social indicators, and highest per capita income in South Asia, Sri Lanka’s economic performance since independence had generally been hailed as a success before the current debt crisis. However, past performance occurred amidst many distortions and an economy less open than its peers, largely reflecting the strong involvement of the state in the economy. Even if this interventionist model of economic policy and the presence of many state-owned enterprises (SOEs) served the country well through the years of conflict and their aftermath, it is no longer sustainable. Indeed, after the rapid growth of the peace dividend in the years post-2009, the economy has faltered and progress on social indicators has stagnated. Many of market distortions remain and have been exacerbated by COVID-19. Understanding how, despite these handicaps, Sri Lanka achieved positive economic and social outcomes in the past provides the building blocks of a realistic, forward-looking growth strategy, one of the objectives of this Country Private Sector Diagnostic (CPSD). The research for this report was conducted prior to the current crisis, but the recommendations remain relevant to implementing public policies that will support private sector-led inclusive and sustainable growth.
format	Report
author	International Finance Corporation
author_facet	International Finance Corporation
author_sort	International Finance Corporation
title	Creating Markets in Sri Lanka : Private Sector-Led Inclusive Growth from Islands of Excellence : Country Private Sector Diagnostic
title_short	Creating Markets in Sri Lanka : Private Sector-Led Inclusive Growth from Islands of Excellence : Country Private Sector Diagnostic
title_full	Creating Markets in Sri Lanka : Private Sector-Led Inclusive Growth from Islands of Excellence : Country Private Sector Diagnostic
title_fullStr	Creating Markets in Sri Lanka : Private Sector-Led Inclusive Growth from Islands of Excellence : Country Private Sector Diagnostic
title_full_unstemmed	Creating Markets in Sri Lanka : Private Sector-Led Inclusive Growth from Islands of Excellence : Country Private Sector Diagnostic
title_sort	creating markets in sri lanka : private sector-led inclusive growth from islands of excellence : country private sector diagnostic
publisher	World Bank, Washington, DC
publishDate	2022
url	http://hdl.handle.net/10986/37839
_version_	1764487965086580736

Creating Markets in Sri Lanka : Private Sector-Led Inclusive Growth from Islands of Excellence : Country Private Sector Diagnostic

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