Economy News from Sri Lanka: The Ceylon Chamber of Commerce launched the working draft of their 2020-25 Economic Acceleration Framework, at the Sri Lanka Economic Summit (SLES) recently. The Framework was introduced by Dr. Hans Wijayasuriya during the title keynote session, which focused on re-calibrating Sri Lanka’s economic trajectory.
“We need to recognise, that when we talk about recalibration, we live in exponential times. Recalibration would need to be done on a very regular basis – and planning will never be static, it needs to be multidimensional,” he said.
Sri Lanka is currently at a pivotal juncture where the country’s economic, social, and political trajectory is concerned. The Ceylon Chamber’s Economic Acceleration Framework is a collective aspiration and action plan, which will guide Sri Lanka’s economy from an 89Bn USD economy to a 134Bn USD economy within a five year period.
This can be done, he elaborated, by consolidating and pivoting on fundamental strengths, including fiscal discipline, macro stability, per capita GDP, global competitiveness index, global market access, Sri Lanka’s strategic location, international relations, quality of life, human development index, global flagships, freedoms, and the country’s resilience. This would require a focus on balanced sectoral growth, and establishing growth enablers and accelerators, covering digitization, education, SME acceleration, energy, and more.
A holistic framework for inclusive economic acceleration would also require good governance, an installation of meritocracy, transparency, and elimination of corruption.