Economic Policy Shifts in Sri Lanka: The Post-conflict Development Challenge
AbstractThe end of the long civil war in Sri Lanka in 2009 generated widespread expectations of a peace dividend that would enable Sri Lanka to embark on a period of sustained economic growth, but recent developments have dampened that optimism, rekindling fears that Sri Lankaâ€™s tale of missed opportunities may continue. After showing remarkable resilience during decades of war and conflict the Sri Lankan economy has failed to capitalise on the window of opportunity presented by the end of the military conflict. In the aftermath of military victory, there has been a sharp reversal of trade liberalisation and a marked shift back towards nationalist-populist state-centred economic policies, reflecting the pressures of resurgent nationalism, an unprecedented concentration of political power in a small ruling group, and the influence of ssome powerful vested interests. Unfortunately a return to the failed past policies of inward oriented development strategies offers no viable solutions for the problems confronting small, capital and resource poor countries in todayâ€™s globalised world. Sri Lanka must change both its political practices and economic policies drastically and urgently to cope with the huge development challenges facing it in an environment of global economic turbulence.
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Bibliographic InfoPaper provided by The Australian National University, Arndt-Corden Department of Economics in its series Departmental Working Papers with number 2012-15.
Date of creation: 2012
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Sri Lanka; trade liberalization reforms; civil war; post-conflict development;
Other versions of this item:
- Yiping Huang & Jian Chang & Prema-Chandra Athukorala & Sisira Jayasuriya, 2013. "Economic Policy Shifts in Sri Lanka: The Post-Conflict Development Challenge," Asian Economic Papers, MIT Press, vol. 12(2), pages 1-28, June.
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
- O20 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - General
- O38 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Government Policy
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
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