Attend Spring Meetings on Development topics from Apr 17-21. Comment and engage with experts. Calendar of Events

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Submitted by Priyanga Dunusinghe on
As Ms. Chathurika says Singaporean economy provides a sort of inspiration to a country like Sri Lanka that is craving for the economic development. Sri Lanka leaders inspired from the success of NICs a few decades ago. But we have so far miserably failed. Why? Is it because that we had a civil war? Partly true, but that is not the whole truth. Development literature has shown that economic growth is determined by several arrays of factors ranging from physical capital to institution and cultural factors. Sri Lankan society lacks most growth friendly institutional and cultural factors. Hence, the need of the hour is to, in addition to addressing the bottlenecks emanating from physical and human capital sides, launch a determined effort to make attitudinal change that is pro-growth. Singapore and most NICs had it or their leaders were able to inject it to the society.