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The Development Trajectories of Thailand and Sri Lanka: A Comparative Analysis

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  • Reena Marwah
  • Sanika Sulochani Ramanayake

Abstract

The raison d’être to compare the development trajectories of two Asian economies, viz. Thailand and Sri Lanka, stems from the fact that both countries are in the middle-income level. Hence, a comparative analysis of the development trajectories of the two countries during 2009–2019, both being neighbours with religious and cultural affinities, as well as members in Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), has been undertaken. The key objective is to decipher key policy lessons for Sri Lanka (which has been in the lower middle-income group) from Thailand’s development path (which has placed the latter in the upper middle-income group). This article also elucidates the key drivers of economic growth along with the challenges that the two countries must contend with, to attain higher growth levels. Economic drivers, such as tourism, foreign direct investment (FDI) policies and political stability are concomitant for their development.

Suggested Citation

  • Reena Marwah & Sanika Sulochani Ramanayake, 2019. "The Development Trajectories of Thailand and Sri Lanka: A Comparative Analysis," Millennial Asia, , vol. 10(3), pages 395-416, December.
    • Handle: RePEc:sae:millen:v:10:y:2019:i:3:p:395-416
    DOI: 10.1177/0976399619879869
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    References listed on IDEAS

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    1. Bhanupong Nidhiprabha, 2017. "The Rise and Fall of Thailand's Export-Oriented Industries," Asian Economic Papers, MIT Press, vol. 16(3), pages 128-150, Fall.
    2. Brian Levy, 2010. "Development Trajectories : An Evolutionary Approach to Integrating Governance and Growth," World Bank Publications - Reports 10188, The World Bank Group.
    3. Aradhna Aggarwal, 2005. "Performance of export processing zones: a comparative analysis of India, Sri Lanka and Bangladesh," Indian Council for Research on International Economic Relations, New Delhi Working Papers 155, Indian Council for Research on International Economic Relations, New Delhi, India.
    4. Levy, Brial, 2010. "Development Trajectories: An Evolutionary Approach to Integrating Governance and Growth," World Bank - Economic Premise, The World Bank, issue 15, pages 1-7, May.
    5. P. Srinivasan & Santhosh Kumar P. K & L. Ganesh, 2012. "Tourism and Economic Growth in Sri Lanka: An ARDL Bounds Testing Approach," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 15(45), pages 211-226, September.
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    1. Reena Marwah & Sanika Sulochani Ramanayake, 2021. "Pandemic-Led Disruptions in Asia: Tracing the Early Economic Impacts on Sri Lanka and Thailand," South Asian Survey, , vol. 28(1), pages 172-198, March.

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