Moving towards an export oriented economy
Lionel Wijesiri’s recent article titled ‘Moving towards an export-oriented economy’ published on July 13 is beautifully written with facts. As a lecturer with interest in global economics, I wish to add three more points to supplement his article.
First, the global economic environment is constantly changing and the conditions that made export-oriented growth a success story in previous decades need to be modified to fit into today's atmosphere when drafting an export-oriented strategy.
Second, the growing importance of successful export-oriented economies provides not only an example to be followed but, at the same time, it narrows the manoeuvring room of late comers and exerts a certain “crowding-out effect”. Third, even if there are a lot of convincing arguments, any change from one economic strategy to another one is not a question of desire and aspiration, but fundamentally depending on the availability of the necessary resources and instruments at home and of a favourable international environment that could support successful reorientation towards an export-led growth pattern.
We need to take extra precaution considering these points also, when we move in to the implementation of an export oriented economy in Sri Lanka.
Kanthalal Hettiarachchi
Colombo 6
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