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SRI LANKA NEW DEVELOPMENT STRATEGY

SRI LANKA NEW DEVELOPMENT STRATEGY

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Published by Damith Chandimal
Sri Lanka’s development policies are being reoriented under the stewardship of the United People’s Freedom
Alliance (UPFA) Government, aimed at acceleration of economic growth with special consideration given
to pro-poor growth strategies. The development strategy consolidates positive elements of the policies
followed over the past two decades and revisits the weaknesses, limitations and lapses in past policies in
order to ensure equitable development in the country.
As stated in the Economic Policy Framework, 2004 -Creating our Future, Building our Nation 2004
- and further articulated in the budget 2005, the new development strategy is premised on pro-poor
pro-growth income improvement and redistribution policies with complementary participation of a
socially responsible private sector and a strong public sector.
1/
Higher economic growth alone is not
sufficient to reduce poverty; instead it should focus on pro-poor growth strategies. A sustainable 6-8 per
cent growth in real income is targeted over the next five years. This in turn requires raising investment to
around 35 per cent of Gross Domestic Product (GDP). Such investments include domestic and foreign
investment as well as public investment. The ultimate objective is to ensure that Sri Lanka steadily progresses
towards an upper middle-income country status within the next ten years.
Sri Lanka’s development policies are being reoriented under the stewardship of the United People’s Freedom
Alliance (UPFA) Government, aimed at acceleration of economic growth with special consideration given
to pro-poor growth strategies. The development strategy consolidates positive elements of the policies
followed over the past two decades and revisits the weaknesses, limitations and lapses in past policies in
order to ensure equitable development in the country.
As stated in the Economic Policy Framework, 2004 -Creating our Future, Building our Nation 2004
- and further articulated in the budget 2005, the new development strategy is premised on pro-poor
pro-growth income improvement and redistribution policies with complementary participation of a
socially responsible private sector and a strong public sector.
1/
Higher economic growth alone is not
sufficient to reduce poverty; instead it should focus on pro-poor growth strategies. A sustainable 6-8 per
cent growth in real income is targeted over the next five years. This in turn requires raising investment to
around 35 per cent of Gross Domestic Product (GDP). Such investments include domestic and foreign
investment as well as public investment. The ultimate objective is to ensure that Sri Lanka steadily progresses
towards an upper middle-income country status within the next ten years.

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Categories:Types, Research
Published by: Damith Chandimal on Apr 30, 2013
Copyright:Attribution Non-commercial

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04/30/2013

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