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The successful implementation of the 19th Amendment to the Sri Lankan constitution will bring in numerous benefits both locally and internationally, State Finance Minister Mahinda Samarasinghe said.
Speaking at the launch of the United Nations Economic and Social Survey of Asia and the Pacific report launch yesterday he said that the amendments has created committees which underlines good governance and fair play.
"This is something an investor will look before investing in a country and Sri Lanka should aggressively market this message specially to the international community.
Economic growth in Asia and the Pacific continues to fare well in the global context, but is expected to increase only slightly to 5.9% in 2015 from 5.8% in 2014,"Samarasinghe said.
"This slowdown in the rate of expansion of economic growth is happening at a time when lower oil prices could potentially have lifted growth in oil importing countries if the enabling environment was right.
"Unless reforms are vigorously pursued, downside risks to the growth trajectory could increase, Samarasinghe said at the launch of the Economic and Social Survey of Asia and the Pacific (ESCAP) held at the JPS auditorium yesterday. While the private sector has an important role to play in making growth more inclusive, greater efforts are particularly needed of the public sector to lay the appropriate framework and create an enabling environment, especially as addressing income inequalities is a key entry point for increasing inclusiveness.
While growth in Asia and the Pacific has overall been inclusive across countries, between the 1990s and the period 2000-2012, the gap is widening between the "haves" and the "have nots" within countries.
For instance, economic inclusiveness is largely a result of countries' success in reducing rates, of extreme poverty, masking the fact that compared with the 1990s, in most countries the richest 20% of the population are capturing a larger share of income than t he poorest 20%.
It also masks deterioration in labour markets, with fewer people being in formal employment. Similarly, despite a general improvement in access to health care and education, in all countries since the 1990s, opportunities within countries are determined largely by one's economic circumstances, or those of one's parents.
Thus, concerted actions of the public and private sector are needed to address such concerns, the Minister said.
Courtesy: Daily News 15 May 2015
Speaking at the launch of the United Nations Economic and Social Survey of Asia and the Pacific report launch yesterday he said that the amendments has created committees which underlines good governance and fair play.
"This is something an investor will look before investing in a country and Sri Lanka should aggressively market this message specially to the international community.
Economic growth in Asia and the Pacific continues to fare well in the global context, but is expected to increase only slightly to 5.9% in 2015 from 5.8% in 2014,"Samarasinghe said.
"This slowdown in the rate of expansion of economic growth is happening at a time when lower oil prices could potentially have lifted growth in oil importing countries if the enabling environment was right.
"Unless reforms are vigorously pursued, downside risks to the growth trajectory could increase, Samarasinghe said at the launch of the Economic and Social Survey of Asia and the Pacific (ESCAP) held at the JPS auditorium yesterday. While the private sector has an important role to play in making growth more inclusive, greater efforts are particularly needed of the public sector to lay the appropriate framework and create an enabling environment, especially as addressing income inequalities is a key entry point for increasing inclusiveness.
While growth in Asia and the Pacific has overall been inclusive across countries, between the 1990s and the period 2000-2012, the gap is widening between the "haves" and the "have nots" within countries.
For instance, economic inclusiveness is largely a result of countries' success in reducing rates, of extreme poverty, masking the fact that compared with the 1990s, in most countries the richest 20% of the population are capturing a larger share of income than t he poorest 20%.
It also masks deterioration in labour markets, with fewer people being in formal employment. Similarly, despite a general improvement in access to health care and education, in all countries since the 1990s, opportunities within countries are determined largely by one's economic circumstances, or those of one's parents.
Thus, concerted actions of the public and private sector are needed to address such concerns, the Minister said.
Courtesy: Daily News 15 May 2015
