Sri Lanka is the only aimless country among the developing nations, with the present regime also unlikely to present a budget under a five-year plan, said Priyanga Dunusinghe, professor of economics at the University of Colombo.
Addressing a seminar in Colombo organized by the Sinhala Service of the China Media Collective, he highlighted the need to deviate from ever-changing economic policies and go forward on steady ones.
Dunusinghe noted the path taken by China so far has given an opportunity for developing nations to think anew about a new economic model which is a combination of the market and the state.
The Chinese government’s performance report has caught world attention in which the country aims for a five percent growth in the GDP amid turmoil in the global market.
By that, China aims to signal to developing nations that it stands for expanding investments for global market stability, he said.
Furthermore, China has become flexible in changing its policies.
But, Sri Lanka hangs on to various outdated policies.
The Chinese plans show all those are without meaning and their aim is to overcome global challenges.
A main issue facing Sri Lanka is the existence of a group which believes the path to development is the policies of the 1950s and the 60s, he said, without going for any policy or programme reforms.
For China, the technique is overcoming changing global challenges, especially from the US.
By now, China has the 14th five-year plan in operation.
Surprisingly, Sri Lanka goes on aimlessly, he said, in the absence of a five-year plan even under the present regime, and stressed the rulers should be made to open their eyes to the realities.
Leave a comment