Description: Sri Lanka Ending Poverty and Promoting Shared Prosperity : A Systematic Country Diagnostic

Sri Lanka Ending Poverty and Promoting Shared Prosperity : A Systematic Country Diagnostic

Sri Lanka is in many respects a development success story. With economic growth averaging more than 7 percent a year over the past five years on top of an average growth of 6 percent the preceding five years, Sri Lanka has made notable strides towa...

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Bibliographic Details
Main Author:	World Bank Group
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	TARIFFS SOCIAL COSTS CAPITAL MARKETS CONSUMPTION EXPENDITURES FISH UNEMPLOYMENT RATES DURABLE GOODS GOVERNMENT EXPENDITURES ECONOMIC GROWTH ENVIRONMENTAL DAMAGES POLICY ENVIRONMENT AIR QUALITY WASTE MANAGEMENT CARBON EXPECTATIONS PRODUCERS RESOURCE MANAGEMENT PROPERTY RIGHTS BALANCE OF PAYMENTS FINANCIAL RESOURCES TIMBER LABOR FORCE EMISSIONS POLITICAL ECONOMY REVENUES ENVIRONMENTAL ISSUES INCENTIVES EQUILIBRIUM MODELS PRIVATE PROPERTY REAL WAGES AGRICULTURAL OUTPUT EMPIRICAL ANALYSIS ECONOMIC ACTIVITY ECONOMIC SUSTAINABILITY EXPLOITATION ARABLE LAND LABOR COSTS CROWDING OUT OIL TRADEOFFS CROP MIX NATURAL CAPITAL CAPITAL FORMATION LABOR PRODUCTIVITY OPTIONS DEBT LAND DEGRADATION POLLUTION FORESTRY TECHNOLOGY TRANSFERS ECONOMIC POLICIES DIVIDENDS NATURAL RESOURCES METALS SUBSIDIES EFFICIENCY FISHING TAXES TAX REFORMS ACCESS TO INFORMATION LAND USE RESOURCES NATURAL MONOPOLIES UNEMPLOYMENT ENERGY CONSUMPTION DEMOGRAPHIC TRANSITION EQUITY PRODUCTIVITY GROWTH CONSUMPTION SOCIAL PARTICIPATION ECONOMIC IMPACT RURAL COMMUNITIES WAGES CLIMATE CHANGE ENVIRONMENTAL MANAGEMENT POLICY MAKERS CREDIT QUALITY STANDARDS ENVIRONMENTAL IMPACTS PURCHASING POWER DEFORESTATION DEMAND PATENTS MINES SOLID WASTES SUSTAINABLE GROWTH AGGREGATE DEMAND MARGINAL COSTS PUBLIC EXPENDITURES ELECTRICITY GENERATION ALTERNATIVE TAX REFORMS EXPENDITURES PROPERTY TAX RATES OPPORTUNITY COSTS TRANSACTION COSTS ENVIRONMENT SOIL DEGRADATION STREAMS ECONOMICS TAX REVENUE CAPITAL GOODS ENERGY EFFICIENCY FISHERIES ECONOMIC DEVELOPMENT TRADE LAND ECONOMIES OF SCALE TRANSFER PAYMENTS COMPARATIVE ANALYSIS INCENTIVE SYSTEMS DRINKING WATER TRADE TAXES CONSUMPTION PATTERNS COMMERCIAL BANKS ADMINISTRATIVE PROCEDURES COAL FARMS WATER POLLUTION REVENUE PRIVATE CONSUMPTION HIGH UNEMPLOYMENT RISK MANAGEMENT TAX REFORM PROFITS ENVIRONMENTAL COST SAVINGS LABOR MARKETS DEMOGRAPHICS PRICES CONSUMER PROTECTION PRODUCTION COSTS ECONOMIC CONDITIONS ECONOMIES PRODUCTION PROCESSES PUBLIC GOODS COMPETITION
Online Access:	http://documents.worldbank.org/curated/en/2016/02/25895855/sri-lanka-ending-poverty-promoting-shared-prosperity http://hdl.handle.net/10986/23957

Description
Summary:	Sri Lanka is in many respects a development success story. With economic growth averaging more than 7 percent a year over the past five years on top of an average growth of 6 percent the preceding five years, Sri Lanka has made notable strides towards the goals of ending extreme poverty and promoting shared prosperity (the ‘twin goals’). The national poverty headcount rate declined from 22.7 to 6.7 percent between 2002 and 2012/13, while consumption per capita of the bottom 40 percent grew at 3.3 percent a year, compared to 2.8 percent for the total population. Other human development indicators are also impressive by regional and lower middle-income country standards. Sri Lanka has also succeeded in ending decades of internal conflict in 2009 and steps have been taken towards reconciliation. Sri Lanka’s has had impressive development gains but there are strong indications that drivers of past progress are not sustainable. Solid economic growth, strong poverty reduction, overcoming internal conflict, effecting a remarkable democratic transition in recent months, and overall strong human development outcomes are a track record that would make any country proud. However, the country’s inward looking growth model based on non-tradable sectors and domestic demand amplified by public investment cannot be expected to lead to sustained inclusive growth going forward. A systematic diagnostic points to fiscal, competitiveness, and inclusion challenges as well as cross-cutting governance and sustainability challenges as priority areas of focus for sustaining progress in ending poverty and promoting shared prosperity.

Sri Lanka Ending Poverty and Promoting Shared Prosperity : A Systematic Country Diagnostic

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