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Should Sri Lanka change their development model?

Geoff Riley

28th February 2023

The economic and financial crisis that has engulfed Sri Lanka has had immediate and very damaging effects on poverty and living standards. According to the World Bank, extreme poverty nearly doubled in Sri Lanka between 2021 and 2022, climbing from 13% 25% (using a poverty line of $ 3.65 per person per day PPP), and is projected to increase by more than 2 percentage points in 2023.

In this background blog from the World Bank, the case is made for reforming the development path that Sri Lanka has been on. The challenge is to get the balance right between economic reforms to drive private sector growth and investment whilst at the same time providing sufficient social safety nets for those impacted by food and fuel poverty and rising unemployment.

Please read this article

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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