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1
Mujahid Hilal, Mohamed Ismail. "Sri Lanka’s Tea Economy: Issues and Strategies." Journal of Politics and Law 13, no. 1 (December 3, 2019): 1. http://dx.doi.org/10.5539/jpl.v13n1p1.
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While the competitiveness of the Sri Lanka’s tea is declining in the global market, it is very important for Sri Lankan tea to evidently identify the reasons for declining competitiveness and how Sri Lanka can face this challenge fulfilling the demand of global market. The Sri Lankan tea industry has lost its market leadership position in the global market. With declining production, increasing cost of production, low farm productivity and price competition in the international market, Sri Lankan tea industry has lost its competitive advantage. Secondary data and primary data have been used for this study. 53 interviews have been conducted for this study in Sri Lanka and in India. Despite the fact that Sri Lanka is one of the major producers of tea, the local tea industry does not earn enough to be viable. Global consumers are paying more than ten times the price received by the Sri Lankan producers. The value addition is taking place in the consuming countries and the economic benefits of higher price for value added tea products go to the consuming countries. In this context the viability of the Sri Lankan tea industry makes it imperative to adopt production of value-added tea products, promoting local brands in the global market and marketing the products in the international market. The government should also provide further supports to this tea industry to be uplifted in the country.
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De Silva, Madushi, and Amila Withanaarachchi. "Essential Factors for the Advancement of the Yarn Manufacturing Sector in Sri Lanka: Implications of the Socio-Economic Environment." SLIIT Business Review 3, no. 2 (February 27, 2024): 25–54. http://dx.doi.org/10.54389/biot2896.
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The textile and apparel sector are well-represented in the industrial sector of the Sri Lankan economy. It has become Sri Lanka’s largest export industry since 1986. Enhancing quality and decreasing expenses are the main priorities for the Sri Lankan apparel sector, highlighting the necessity for deliberate growth. More significant export revenue and considerable import expenditure on raw materials like yarn, fabric, etc., for apparel manufacturing, is a common phenomenon in the Sri Lankan apparel sector leading to less economic value generation. Thus, this paper studies the key factors affecting the advancement of the yarn manufacturing sector in Sri Lanka and the implications of the turbulent socio-economic environment. To address the identified research problem, this study proposes a conceptual framework through a systematic literature review, which identifies the essential factors for the advancement of the yarn manufacturing sector in Sri Lanka under the current socio-economic environment. The Partial Least Square Structural Equation Modelling (PLS-SEM) method was used to capture the interactive relationships among the key factors and the advancement of the yarn manufacturing sector in Sri Lanka. Data was gathered using questionnaires from employees in the yarn manufacturing industry, textile industry, and textile engineering students in Sri Lanka. The results show that the quality of raw materials, machines and technology and better investors have a positive relationship with the advancement of the yarn manufacturing sector in Sri Lanka. Keywords: Apparel Industry, PLS-SEM and Yarn Manufacturing.
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Gamage, Kumesh Prabhashini. "Activity Economy and Cultural Heritage Tourism in Sri Lanka(Special Reference in Galle and Kandy)." TRIVALENT ත්රිසංයුජ: Journal of Archaeology, Tourism & Anthropology 3, no. 1 (December 31, 2022): 54–70. http://dx.doi.org/10.4038/tjata.v3i1.59.
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The activity economy is driven by cultural activities, which are also embodied in the development model of cultural tourism. An activity economy is a new direction for economically developed cities to promote tourism development. This paper explores "the impact of the activity economy on cultural heritage tourism in Sri Lanka concerning Galle and Kandy cities". This study was driven by a qualitative method consisting of document analysis and secondary data obtained from online media. The document analysis involved a review of the literature and documents relating to cultural heritage tourism in Sri Lanka. Tour operators or tourism industry websites, private or personal websites, or Blogs containing travel information regarding cultural heritage tourism in Sri Lanka have been used as qualitative sources and with a high level of confidence. Activity economy is a new concept in the Sri Lankan tourism industry, and according to the analysis of the data, a well-managed marketing activity economy is an important factor for cultural heritage tourism in Sri Lanka. Currently, it runs without identifying its theoretical and practical value; therefore, under a well-organized marketing management plan, it can fulfill sustainability goals. To address this, it needs government and private institutional involvement and a strong set of human and physical resources.
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Rathnayake, Chinthani, Bill Malcolm, Garry Griffith, and Alex Sinnette. "Trade Consequences of the Farm Production Regulation: The Glyphosate Ban in the Sri Lankan Tea Industry." Industria: Jurnal Teknologi dan Manajemen Agroindustri 11, no. 2 (December 31, 2022): 81–100. http://dx.doi.org/10.21776/ub.industria.2022.011.02.1.
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Abstract Tea manufacturing is an important industry for the Sri Lankan economy because it generates foreign income, which adds to gross domestic product of the country and creates employment opportunities. Tea has been exported to several countries from Sri Lanka for over a century, and Sri Lanka remains a leading tea exporter to date. Recently, the Sri Lankan government issues a policy which disadvantages the tea industry in the country. The government banned the use of glyphosate in the agricultural sector from 2015 to 2018 which directly or indirectly affects the tea industry. The policy brought a consequence where the farmers used illegal substances and other weedicides to control the weed. These consequences placed the Sri Lankan tea industry at risk since their final product is contains high amount of residual weedicide which exceeds the Maximum Residue Limit (MRL). In this paper, we use The Equilibrium Displacement Model to study the economic impact of rejections of tea consignments by Japan due to the excess use of 2-methyl-4-chlorophenoxyacetic acid (MCPA) in 2018. The demand of Sri Lankan bulk black tea by Japan has declined by 6.5% between 2017 and 2018. The estimated of the Sri Lankan tea industry from reduced demand for bulk black tea was Rs339 million. Keywords: tea industry, glyphosate ban, Sri Lanka Abstrak Teh adalah industri penting bagi perekonomian Sri Lanka karena menghasilkan devisa yang menambah produksi domestik bruto dan menciptakan lapangan kerja. Teh telah diekspor dari Sri Lanka selama lebih dari satu abad ke berbagai negara dan Sri Lanka tetap menjadi eksportir utama. Kebijakan pemerintah baru-baru ini yang memengaruhi sektor pertanian tidak menguntungkan bagi industri teh. Pelarangan penggunaan glifosat dari tahun 2015 hingga 2018 merupakan salah satu kebijakan yang berdampak signifikan terhadap industri teh, baik secara langsung maupun tidak langsung. Konsekuensi penggunaan formulasi pengendali gulma ilegal dan herbisida alternatif menempatkan industri teh pada keadaan yang beresiko melalui konsekuensi tidak disengaja dari kehilangan akses ke pasar ekspor teh karena insiden mengenai kelebihan Batas Maksimum Residu. Dalam tulisan ini, dampak ekonomi dari penolakan pengiriman teh dari Jepang karena penggunaan 2-methyl-4-chlorophenoxyacetic acid (MCPA) yang berlebihan pada tahun 2018 diselidiki dengan menggunakan Equilibrium Displacement Model pada industri teh. Permintaan ekspor Jepang untuk teh hitam curah turun 6,5% antara 2017 dan 2018. Perkiraan kerugian surplus ekonomi industri teh Sri Lanka dari penurunan permintaan teh hitam curah adalah Rs339 juta. Kata kunci: industri teh, larangan penggunaan glifosat, Sri Lanka
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Kupriyanov, A. "Sri Lanka Crisis: The Long Shadow of Neocolonialism." World Economy and International Relations 68, no. 3 (2024): 79–89. http://dx.doi.org/10.20542/0131-2227-2024-68-3-79-89.
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The article is devoted to the study of the causes of the economic and political crisis in Sri Lanka (2019 – present) through the prism of the complex approach based on the post-colonial research paradigm. The author considers the three most affected sectors of the economy of Sri Lanka: agriculture, the textile and apparel industry and tourism. All of them in their present form are products of the modern era, formed under the influence of colonial and neo-colonial practices and provided Sri Lanka with a specific place in the world economic system as a producer of plantation crops (primarily tea), textiles of the upper price segment and tourism services, focused on the EU and the US population. During the pandemic, the orientation on the Western market, aggravated by the voluntaristic actions of the country’s leading the Rajapaksa clan, led to the collapse of key sectors of the Sri Lankan economy. Particular attention is paid to the agrarian sector. The author believes that the current disparities in the agrarian development of Sri Lanka are the result of the colonial past. The issue of mending these imbalances was politicized during the civil war (1983–2009), and as a way out, the concept of developing organic farming, itself a product of Western cultural hegemony, was proposed. The author notes that instead of admitting partial responsibility for the crisis, the Western media are inclined to blame China for Sri Lanka’s problems. The PRC is believed to have deliberately driven the island into a debt trap. It is assumed that developing countries should solve the problems of Sri Lanka, while it is clear that Western countries will derive the main benefit from the recovery of its economy and return to world production chains.
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Waghmode, Pratik Someshwar. "Investigative Study of Economic Crisis in Sri Lanka." International Journal for Research in Applied Science and Engineering Technology 10, no. 5 (May 31, 2022): 5359–72. http://dx.doi.org/10.22214/ijraset.2022.42919.
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Abstract: This paper analyses the reasons and scenario of the current economic crisis in Sri Lanka. The study examines the possible reasons for the crisis, its ongoing impact on GDP, tourism industry, and on Sri Lankan rupee against other major currencies in the world. The paper shows that Forex reserves of Sri Lanka mainly depend on Tourism revenue, thus underscoring the importance of the tourism industry. But due to current circumstances of the Covid-19 and its severe impacts leads to a high decline in tourism revenue which ultimately affects the country’s reserves. This resulted in the high depreciation in the value of the Sri Lankan rupee against other major currencies in the world. To assess if the country has enough reserves, we have used the Guidotti - Greenspan rule and we found that since the Covid pandemic has begun, Sri Lanka has been unable to follow this rule and the ratio of reserves to short term debt is continuously decreasing. The external sector of Sri Lanka is also not performing well due to the sharp decline in exports. The IMF has approved a bailout package through its Special Drawing Rights to get over this crisis. Therefore, appropriate actions must be undertaken to overcome the crisis and revive the economy
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Selvanayagam, S., and A. M. M. Mustafa. "The Impact Of Unemployment And Interest Rate On Inflation In Sri Lanka." GIS Business 13, no. 4 (August 22, 2018): 54–65. http://dx.doi.org/10.26643/gis.v13i4.4685.
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Three major economic indicators such as Inflation, unemployment and interest rate have an important role in an economy in terms of sustainable development. The long-term progress of the Sri Lankan economy is destabilized. The linkage or the impact among these variables is very important for developing country such as Sri Lanka to overcome the destabilized hurdles. The study intends to investigate the impact of unemployment and interest rate on inflation in Sri Lanka. Also, this study was analyzed the short and long run relationship among the variables. Phillip’s relationship between the variables inflation and unemployment also was discussed in details. Fifty-three years of annual data for period of 1953- 2015 of the variables inflation, unemployment, interest rate, money supply (M2) and government expenditure used for the analysis. Parametric and non-parametric approaches have been employed in this study. The Autoregressive Distributed Lag (ARDL) model with co-integration technique has been employed to find the short and long run relationship of the variable. The statistical package EViews 9 and Microsoft excel were used for the analysis. The study reveals that unemployment is negatively impact on inflation in short and long run in Sri Lanka, which is statistically significance. Further, the study revealed that the Phillip’s relationship between inflation and unemployment exist in Sri Lankan economy. The interest rate is also negatively impact on inflation in short run and positively impact in long run. Results are statistically significance at 5% confidence level and theoretically expected. This study recommends that the relationship between the variables should be noted and utilized the Engine of growth concept in order to achieve sustainable development of Sri Lanka. Job opportunities to be extended further more. Further, the study suggests that using quarterly data to analysis this kind of time series will reflect relationship accurate.
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Aslam, A. L. M. "Impact of Money Supply on Sri Lankan Economy: An Econometric Analysis." International Letters of Social and Humanistic Sciences 67 (March 2016): 11–17. http://dx.doi.org/10.18052/www.scipress.com/ilshs.67.11.
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Economists argue that the money supply positively impact on economic growth of nations. In Sri Lankan context this statement was not tested econometrically. Therefore, the aim of this study was to scrutinize the impact of money supply on Sri Lankan economy. To exam this objective, this study considered the time series data from the period of 1959 to 2013 and used two types of variables such as dependent and independent variables. Here, the gross domestic product was considered as dependent variable, and Money supply, Exchange rate, Exports earnings, Imports outflow, the Colombo consumer price index were deemed as independent variables. In the meantime, the multivariate econometric method was used to test the impacts of money supply on economic growth of Sri Lanka. According to the analytical results, the money supply has kept positive impact on the economic growth of Sri Lanka at 1% significant level. The R-squared of the estimated model was 92% which was indicated that the estimated model was desirable. Meanwhile, the Durbin Watson test statistic was 2.43 and also the Breusch –Godfrey serial correlation LM test results was greater than 5%. Therefore, these statistics indicated that, the estimated model was not suffering from serial correlation.
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M. Nazeeruddin and M.Jafarullah Baig. "Sri Lanka’s Economic crisis- An Eye Opener." RESEARCH REVIEW International Journal of Multidisciplinary 7, no. 4 (April 15, 2022): 01–02. http://dx.doi.org/10.31305/rrijm.2022.v07.i04.001.
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The Island country, Sri Lanka exports largely textiles, garments, rubber, tea, and coconut products and imports consumer goods, especially crude oil, coal and other petroleum products. For the first time in the history of Sri Lanka the worst economic crisis has been witnessed. The present government is grossly responsible for this kind of economic mess in Sri Lanka. People from all walks of life in Sri Lanka are struggling for want of sufficient money, fuel and food. This kind of misgovernance results in cascading effect which paralyses all the crucial and vital sectors of the economy.
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Kesavarajah, Mayandy. "Wagner's Law in Sri Lanka: An Econometric Analysis." ISRN Economics 2012 (November 3, 2012): 1–8. http://dx.doi.org/10.5402/2012/573826.
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This study examines whether there is empirical evidence that Wagner's law holds in the Sri Lankan economy using time series annual data over the period from 1960 to 2010 for Sri Lanka, applying cointegration and error correction modeling (ECM) techniques. In particular, this study keeps a special focus to examine the validity of six versions of Wagner's hypothesis, which support the existence of long-run relationship between public expenditure and economic growth. The empirical evidence of this study indicates that while there prevail is a short-run relationship between public expenditure and economic growth, the long-run results showed no strong evidence in support of the validity of the Wagner’s law for Sri Lankan economy. Granger causality analysis also confirms this result. Therefore, the findings of this study pave to broaden this study further for a deeper understanding about the relationship between public expenditure and economic growth by giving more attention on individual items of public expenditure and by including more macroeconomic variables in the econometric model using different methodology in future.
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Kumarasinghe, Pivithuru Janak, and Anuraj Wickramasinghe. "Population Pyramid And Economic Growth: An Econometric analysis of Sri Lanka." International Journal of Management Excellence 10, no. 3 (April 30, 2018): 1348–54. http://dx.doi.org/10.17722/ijme.v10i3.979.
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Economists are torn between basically three schools of thoughts where the first theory states that the population growth will stimulate the economic growth of a country and other believes that the population growth will bring detrimental or adverse impact to the economic growth. Not only that, but there is another school of thought, which believes that the population growth is a neutral factor in economic growth. Given this diverse of opinions, through this study it is expected to established a firm relationship between the population growth and the economic growth of Sri Lanka. This study developed an econometric model using time series data from 1980 to 2015 and tested the relationship not only the GDP of Sri Lanka, but other significant variables of an economy such as Domestic Savings, Private consumption and Total Investment as well. The results of this study indicate absence of a long term relationship between the population growth and the GDP of Sri Lanka and there will be no any relationship between the other selected variables and the population growth of Sri Lanka. The Granger Causality Analysis found out a unidirectional relationship between the GDP and the population growth, running from population growth to GDP. The study concludes that in Sri Lankan context, the population growth will not have any significant impact on the economic growth.
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Ahmed, Mah-a.-Mobeen, Muhammad Awais, and Dr Kashif Ur Rehman. "Analyzing the Capital market movements and saving patterns of South Asian Countries: Evidence from Pakistan, Bangladesh and Sri Lanka." Foundation University Journal of Business & Economics 2, no. 2 (August 31, 2017): 68–81. http://dx.doi.org/10.33897/fujbe.v2i2.124.
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This paper examines the role of capital market and saving pattern in the acceleration of economic growth in Sri Lanka, Pakistan and Bangladesh with special emphasis on the impact of financial sector reforms initiated in 2000. The data used in this study was collected from the period of 2000 to 2012 of 3 South Asian countries namely, Pakistan, India and Sri Lanka. The result showed that Pakistan tryed to improve its saving patterns but didn't achieve its goal. Pakistan achieved its higher saving pattern in 2003.Pakistan was trying to strengthen its stock market as it considered as a proxy of economy. Pakistan achieved its goal during the period of 2002-07. Pakistan was trying to focus on its “human development” Pakistan started achieving its goal in 2011 & 2012, which was the period of “Pakistan People's Party (PPP)”, as PPP is most dominant in Pakistan in terms of pay structure reforms. Bangladesh was trying to improve its saving patterns and has also achieved its goal. Bangladesh achieved its higher saving pattern in 2009.Bangladesh was trying to strengthen its stock market as it considered as a proxy of economy. Bangladesh was continuously achieving its goals during the period of 2002-11. Bangladesh was trying to focus on its “human development”, but Bangladesh didn't achieve its goal because of some mismanagement of policies. Sri Lanka was trying to improve its saving patterns but didn't achieve its goal properly because of too much uncertainty & fluctuations. Sri Lanka was trying to strengthen its stock market as it considered as a proxy of economy. Sri Lanka was continuously achieving its goal during the period of 2002-06. Sri Lanka tryed to focus on its “human development”, but Sri Lanka didn't achieve its goal because of some negligence of strategies. Sri Lanka achieved its higher saving pattern in 2005.
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Ahmed, Mah-a.-Mobeen, Muhammad Awais, Dr Kashif Ur Rehman, Asif Raza, and Kashif Saleem. "Analyzing the Capital Market Movements and Saving Patterns of South Asian Countries: Evidence from Pakistan, Bangladesh and Sri Lanka." Foundation University Journal of Business & Economics 3, no. 1 (February 1, 2018): 14–28. http://dx.doi.org/10.33897/fujbe.v3i1.127.
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This paper examines the role of capital market and saving pattern in the acceleration of economic growth in Sri Lanka, Pakistan and Bangladesh with special emphasis on the impact of financial sector reforms initiated in 2000. The data used in this study was collected from the period of 2000 to 2012 of three South Asian countries namely, Pakistan, India and Sri Lanka. The result showed that Pakistan was tried to improve its saving patterns but didn’t achieve its goal. Pakistan achieved its higher saving pattern in 2003. Pakistan was trying to strengthen its stock market as it is considered as a proxy of economy. Pakistan achieved its goal during the period of 2002-07. Pakistan was trying to focus on its “human development” Pakistan started achieving its goal in 2011 & 2012, which was the period of “Pakistan People’s Party (PPP)”, as PPP is most dominant in Pakistan in terms of pay structure reforms. Bangladesh was trying to improve its saving patterns and has also achieved its goal. Bangladesh achieved its higher saving pattern in 2009. Bangladesh was trying to strengthen its stock market as it is considered as a proxy of economy. Bangladesh was continuously achieving its goal during the period of 2002-11. Bangladesh was trying to focus on its “human development”, but Bangladesh didn’t achieve its goal because of some mismanagement of policies. Sri Lanka was trying to improve its saving patterns but didn’t achieve its goal appropriately because of too much uncertainty & fluctuations. Sri Lanka was trying to strengthen its stock market as it is considered as a proxy of economy. Sri Lanka was continuously achieving its goal during the period of 2002-06. Sri Lanka tried to focus on its “human development”, but Sri Lanka didn’t achieve its goal because of some negligence of strategies. Sri Lanka achieved its higher saving pattern in 2005.
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Athapaththu, Jayani Chamarika, and Busige Nishantha. "Information and Communication Technology Adoption in SMEs in Sri Lanka; Current level of ICT Usage and Perceived Barriers." International Journal of E-Entrepreneurship and Innovation 8, no. 1 (January 2018): 1–15. http://dx.doi.org/10.4018/ijeei.2018010101.
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Information communication technology (ICT), considered as one of the major impacts of organizational performance and small and medium enterprises (SMEs), plays a significant role in the Sri Lankan economy as a strategic partner. Thus, the article examines current levels of ICT usage and perceived barriers to ICT adoption in SMEs in Sri Lanka. The findings revealed that despite the majority of respondents using IT for essential functions, they lacked proper internal IT infrastructures, personal motivation, had internet connection issues, trust issues, and lack of knowledge. These factors were identified as the perceived barriers to ICT adoption in SMEs in Sri Lanka. Data was collected from 67 SME owners from Sri Lanka, except the North province, in November 2016. The findings offer valuable insights to policy makers in general and to the SME owners. The methodology, implications, and suggestions are also discussed.
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Weerasinghe, Naween, Ashani Weerasinghe, Yulashika Perera, Sanduni Tennakoon, Nilmini Rathnayake, and Punmadara Jayasinghe. "Sustainability practices and organizational performance during the COVID-19 pandemic and economic crisis: A case of apparel and textile industry in Sri Lanka." PLOS ONE 18, no. 7 (July 11, 2023): e0288179. http://dx.doi.org/10.1371/journal.pone.0288179.
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The apparel and textile industry is the backbone of the Sri Lankan economy, contributing significantly to the country’s gross domestic product (GDP). The coronavirus (COVID-19) pandemic, which also triggered the ongoing economic crisis in Sri Lanka, has a profound effect on the organizational performance of apparel sector firms in Sri Lanka. In this context, the study examines the impact of multi-dimensional corporate sustainability practices on organizational performance in the said sector. The study employed the partial least squares structural equation modelling (PLS-SEM) technique for analysing and testing the hypothesis of the study while using Smart PLS 4.0 software as the analysis tool. Relevant data were collected through a questionnaire from 300 apparel firms registered with the Board of Investment of Sri Lanka (BOI). The study results indicated that "economic vigour,” “ethical practices," and "social equity" have a significant impact on organizational performance, while "corporate governance" and "environmental performance" have an insignificant impact. Unique discoveries from this study would be useful to prosper organizational performance and formulate novel sustainable future strategies not limited to the garment industry even during harsh economic conditions.
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Guneratne, Arjun. "The Cosmopolitanism of Environmental Activists in Sri Lanka." Nature and Culture 3, no. 1 (March 1, 2008): 98–114. http://dx.doi.org/10.3167/nc.2008.030107.
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This paper examines the emergence in Sri Lanka of transcultural thinking about environmental issues as well as the activism it engenders by examining the role of the Anglophone Sri Lankan elite as the chief protagonists historically of environmentalism in the country. It also examines one of Sri Lanka's leading NGOs, Environmental Foundation Ltd. (EFL) as an example of the activism of this class. EFL's perspective on environmental issues has its origins in the transformations wrought by colonialism in the country's class structure and in the introduction of European ideas of nature to the country's newly emergent middle-class. Modelled on the Natural Resources Defense Council of the United States, EFL was a new kind of environmental organization in Sri Lanka and a response to globalization and Sri Lanka's increasing integration into the global economy. Unlike the handful of environmental NGOS that existed in the late seventies, which were essentially pressure groups, EFL was conceived, on the model of NRDC, as a public interest law firm, and drew on international models to frame its arguments about the application of the law in the cause of environmental protection. This paper examines how these various factors—the social class of the activists and the processes of institution building—shaped a cosmopolitan environmental discourse in Sri Lanka whose roots lie in urban Sri Lankan middle class culture as it emerged and was transformed during colonial rule and in the various discourses of globalization that have been drawn on by Sri Lankan activists to craft their own arguments.
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De Silva, Chandra R. "Sri Lanka in 2016." Asian Survey 57, no. 1 (January 2017): 50–55. http://dx.doi.org/10.1525/as.2017.57.1.50.
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In 2016 Sri Lanka saw political stability and some initiatives toward ethnic reconciliation. The economy continued to grow steadily. Some progress was made toward a better institutional infrastructure to protect human rights. However, hostility between President Sirisena and loyalists to former President Rajapaksa presages political turmoil in 2017 that could imperil constitutional reform and ethnic reconciliation.
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Perera, M. S. S. "Impact of the Indo-Sri Lanka Free Trade Agreement on the Sri Lankan Economy." South Asia Economic Journal 9, no. 1 (June 2008): 1–50. http://dx.doi.org/10.1177/139156140700900101.
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Gunaruwan, T. L., and P. T. D. Liyanage. "Sri Lanka’s Foreign Exchange Crisis: An Examination of Causality Dynamics, Shedding Light on Suggestive Way-Out Strategies." Sri Lanka Journal of Economic Research 11, no. 2 (February 21, 2024): 39–68. http://dx.doi.org/10.4038/sljer.v11i2.204.
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The present research endeavoured to undertake a diagnostic analysis pertaining to the foreign exchange crisis faced by the Sri Lankan economy, intending to identify drivers of the crisis and to throw light on possible strategies to overcome the crisis. An extensive literature survey was conducted, followed by a descriptive analysis based on available data. Trend analysis, deploying graphical method, was adopted as the main analytical technique, and the results were interpreted using political economic reasoning. The outcomes of the study revealed that Sri Lanka has been experiencing persistent current account deficits as well as increasing foreign debt stock since 1977, the year in which economic liberalisation policies were implemented. In that respect, the Sri Lankan crisis closely resembled that of the Indian crisis more than those explained by the other crisis models found in literature. It could thus be inferred that the persistent trade and current account deficits owing to uncontrolled imports ever since liberalisation, and the resultant accumulation of foreign debt, have been the drivers of the foreign exchange crisis in Sri Lanka, while weak and undisciplined public finance policies, failure to move into high value-added and strategic industrialisation and wide income inequality would have been possible support factors. Therefore, the research outcomes yielded caution signals if policy makers consider availing further liberalisation of the economy as the remedial strategy to surmount the present crisis.
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W. D. Lakshman. "Political Economy of Taxation in Sri Lanka." World Review of Political Economy 8, no. 2 (2017): 235. http://dx.doi.org/10.13169/worlrevipoliecon.8.2.0235.
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LAM, Peng Er. "Sri Lanka and China’s Maritime Silk Road: A Convergence of Interests." East Asian Policy 07, no. 03 (July 2015): 114–23. http://dx.doi.org/10.1142/s1793930515000331.
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China had invested heavily in many mega infrastructural projects in Sri Lanka even before President Xi Jinping’s “One Belt, One Road” strategy. In January 2015, the pro-China President Mahinda Rajapaksa unexpectedly lost his reelection bid. Western and Indian press generally believe that the new Sri Lankan president will reconsider projects with China agreed to by Rajapaksa. Nevertheless, Sri Lanka needs China for its economic development and China needs Sri Lanka for its Maritime Silk Road.
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Wijeweera, Albert, and Matthew J. Webb. "A Peace Dividend for Sri Lanka: The Case for a Return to Prosperity Following the End of Hostilities." Global Economy Journal 10, no. 2 (May 21, 2010): 1850199. http://dx.doi.org/10.2202/1524-5861.1634.
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Throughout its long years of civil war, Sri Lanka maintained a healthy rate of GDP growth and increasing levels of military spending. Now that the war has ended, Sri Lanka faces the challenge of rebuilding and switching to a peace-time economy with potentially lower levels of defense spending. We employ a cointegration analysis and an error correction model to examine the relationship between non/military spending in Sri Lanka and identify the possible economic benefits of decreased military spending. We find that GDP growth in Sri Lanka is generally not responsive to military spending, but responds positively to non-military spending. Although non-military spending exerts a positive effect upon economic growth compared to military spending, the outcome is still sub-optimal due to the absence of an income multiplier effect. This prefaces potentially good economic news for Sri Lanka in the coming years assuming that hostilities do not resume, that the government can successfully divert resources from the military to the non-military sector and that private sector investment can be effectively encouraged to exert a crowding in effect.
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Silva, M. T. M., W. T. N. M. Perera, and H. G. I. Madhushani. "Effects of Non-Performing Loans & COVID-19 Pandemic on the Performance of Commercial Banks in Sri Lanka." International Journal of Accountancy 3, no. 2 (April 7, 2024): 103–21. http://dx.doi.org/10.4038/ija.v3i2.57.
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The COVID-19 pandemic has significantly impacted the global economy, and the non-performing loans (NPLs) have become a pressing issue for commercial banks in Sri Lanka. It is doubtful how the NPLs and COVID-19 Pandemic have affected the performance of commercial banks in Sri Lanka. Thus, the purpose of this study is to investigate effects of non-performing loans & COVID-19 pandemic on the performance of Sri Lankan commercial banks for the period of 2011 - 2021. The panel data regression analysis was used to investigate the effects of non-performing loans & COVID-19 pandemic on the financial performance of Commercial Banks. The results of the analysis revealed that non-performing loans and the pandemic period have a negative impact on the profitability of commercial banks in Sri Lanka. Thus, this study is useful for bank management officials to protect banks from crises and create ideas to enhance the performance of banks.
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Gandhi, Kajal. "Issue of Srilankans – An Overview." Trends in Banking, Accounting and Business 1, no. 1 (August 1, 2022): 43–45. http://dx.doi.org/10.46632/tbab/1/1/9.
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The crisis is said to have begun due to multiple compounding factors like tax cuts, money creation, and a nation-wide policy to shift to organic or biological farming, the 2019 Sri Lanka Easter bombings, and the impact of the COVID19 pandemic in Sri Lanka. In Jan 2021, the Sri Lankan Government declared officially that the country was hit by the worst economic crisis in its 73year history. On March 18, 2022 India extended a USD 1 billion line of credit to Sri Lanka on Thursday to help the country deal with the economic crisis
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Manik Jayasundera, Adhiga. "Development of Health Economy in the Island of Sri Lanka." Health Economics and Management Review 4, no. 1 (2023): 39–46. http://dx.doi.org/10.21272/hem.2023.1-04.
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The Ayurveda universities are producing hundreds of native doctors annually. They can practise in different places and branches. Some of them join the Government Ayurveda hospitals, some practise privately and some are based in hotel and tourism industry. The Ayurveda medication has a long history on the island of Sri Lanka, which can be broadly traced in various sources. According to historical events, the advanced health economy was initially spawned through the introduction of Buddhism since the 6th century before Christ (544 BC). Till then, the locals were medically treating each other with the knowledge acquired by experience. Nevertheless, after 544 BC, another phenomenon occurred: there emerged many Kings as native doctors as well. Among such people, we could usually observe those elites who received education in Guru Gedera (school). They were additionally qualified as building engineers, irrigational engineers, artisans and native doctors. The native doctors were called «Vedana» and they were specialized in various fields viz: gynaecologists, veterinary surgeons, general physicians, etc. King Pandukabhaya, King Buddhadasa and King Parakramabahu I are some of famous native doctors in the ancient past. Their work and treatment methods are well-known and worth reviewing in our article. Besides, its contrast is shown to modern treatment techniques and what differences between them consist in. In particular, we see a difference of treatment and prevention approaches. Previously, natural substances were used as healing items; no drugs were engaged at all. From the British colonisation moment, European techniques were brought to improve the Sri Lankan medicine. Also, not only the past health economy evolution is discussed in the article. It is the specialized modern institutions that are focused on. Especially, what are the most relevant hospitals in Sri Lanka, how they are subdivided, what diseases they recover from, how medical aid is provided to specific age or occupation categories. The issue of state and private medical institutions is described as well: what advantages and disadvantages exist for them. Finally, the conclusion is made whether the Sri Lankan health economy system is reliable and resilient in the modern world.
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Lokeshwara, Anuja, Nagalingam Nagendrakumar, Karanasuriya Ragalage Ganguli Thamodya Jayasuriya, Hewissa Gamage Anuradha Malith Ravisara, Matheesha Jeewantha Weerawickrama, and Madawala Gamage Dhanushka Madushan. "Socio-Economic Factors and Tourism – Impact Analysis using Indicator Approach." ASEAN Journal on Hospitality and Tourism 21, no. 1 (May 9, 2023): 1–16. http://dx.doi.org/10.5614/ajht.2023.21.1.01.
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The study uses an indicator approach to assess the socioeconomic impact on tourism in developing countries, using Sri Lanka as a case. Tourism is a flourishing sector in Sri Lanka that was affected by different aspects such as pandemics, terrorism, and economic, social, and political instabilities. Though the effects of these events have been studied separately, studies done to assess the socio-economic impact of tourism in Sri Lanka using an indicator approach are scarce; hence the study aims to fill this prevailing knowledge gap. Based on data availability, the study uses secondary data from Sri Lanka Tourism Development Authority and Central Bank reports of Sri Lanka from 2010 to 2019. The socio-economic impact of tourism is measured using integral indicators calculated using the coefficients and weights of the data collected. The study concludes that tourism in Sri Lanka has had a positive socioeconomic impact and has increased continuously since 2010 except in 2019, due to the aftermath of the Easter Sunday attacks in April 2019. This study indeed provides a stepping stone to study the Sri Lankan Tourism Sector which is currently going through political and economic turmoil.
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Fernando, Dilrukshi, Hiranya Dissanayake, Thilini Deshika, and Anuradha Iddagoda. "Corporate Sustainability Through the Presence of Women in Boards: Empirical Evidence from Developing Economy." HOLISTICA – Journal of Business and Public Administration 14, no. 2 (December 1, 2023): 82–96. http://dx.doi.org/10.2478/hjbpa-2023-0017.
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Abstract The purpose of this study is to address the emerging concept of women on boards as a solution to breaking gender barriers in boardrooms and its influence on sustainability reporting in Sri Lankan companies. The study aims to explore the relationship between the representation of women on boards and sustainability reporting, while also investigating the potential role of gender diversity in promoting sustainability in social, economic, and environmental spheres. The research adopts a comparative approach to examine the degree of women on boards and the level of sustainability reporting in Sri Lanka. The study utilizes the resource dependency theory, contingency theory, and agency theory as theoretical frameworks to analyze the association between women directors on boards and sustainability performance. Archival data from the highest market capitalization companies during the period of 2016 to 2019 is collected from audited annual financial statements. The study reveals a significant positive relationship between the presence of women on boards and sustainability reporting in Sri Lanka. It addresses the empirical and contextual gaps in this area, providing valuable insights into the positive impact of gender diversity on corporate sustainability practices in the Sri Lankan context. The research emphasizes the pragmatic solution of including women’s voices in the boardroom to foster gender diversity and create an interest in sustainability, which is an emerging trend in the country. Overall, this study adds valuable knowledge to the fields of corporate governance, gender diversity, and sustainability reporting.
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Rachman, Rachmawati, and Abazin Sok. "Domestic Savings, Money Supply and Economic Growth In Sri Lanka." Tamansiswa Management Journal International 5, no. 1 (April 30, 2022): 18–22. http://dx.doi.org/10.54204/tmji/vol512022004.
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This study aims to investigate the impact of money supply, domestic savings and total debt ratio on economic growth.This study uses an annual research period of 48 years from 1972 to 2020 in Sri Lanka to estimate Sri Lanka's economic conditions and the impact of money supply, domestic savings, and debt-to-economy ratios in Sri Lanka. We use the second data in this study which is sourced from the world bank. This study uses the Error Correction Model (ECM) analysis. We found that the domestic saving ratio can encourage economic growth in Sri Lanka in terms of loanable supply where the increase in the amount of savings, the increased loanable supply which has an impact on lowering interest rates so that investment can increase and economic growth can be encouraged to grow.
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Deyshappriya, N. P. Ravindra. "Sri Lanka–China Economic Relations in Comparative Perspective: Ample Room to Grow." China Report 55, no. 4 (November 2019): 364–92. http://dx.doi.org/10.1177/0009445519875235.
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The article examines recent trends in the economic relations between Sri Lanka and China focussing on trade, investment and tourism dimensions. Although bilateral economic ties between Sri Lanka and China have strengthened over time, the article demonstrates Sri Lanka’s low rank among China’s economic partners. For example, while China is the second-largest tourism partner of Sri Lanka in terms of tourist arrivals, Sri Lanka does not rank among even China’s top 25 tourist destinations. Consequently, the article recommends certain policy priorities to ensure mutually beneficial economic relations. With regards to tourism, it recommends promoting Sri Lanka’s brand on Chinese e-tourism websites and social media, introducing user-friendly tourist apps in Chinese, strengthening air connectivity and celebrating Chinese festivals. Similarly, trade and investment could be facilitated by stronger links with Chinese cities and connecting Sri Lankan students in China to the Chinese industry via internships and building commercial networks from the ground up.
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Ng, Lee Keng, Balbir Bhasin, and Jim Beard. "Cultural Impediments to Entrepreneurship Development." IJEBD (International Journal of Entrepreneurship and Business Development) 4, no. 6 (November 30, 2021): 808–18. http://dx.doi.org/10.29138/ijebd.v4i5.1482.
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Purpose: The country direly needs to develop its entrepreneurial capability which is the key engine for economic development and poverty eradication. The Sri Lankan culture embraces collectivism and the traditional values of Theravada Buddhism, a belief system which inherently functions against the fostering of entrepreneurial spirit. Removing impediments to entrepreneurship is a key challenge for the country.
Findings: Sri Lanka is presently recovering from the destruction of the economy because of 30 years of civil war. The country is confronted by high government debt representing almost 80% of the GDP. Almost half of the population lived on less than $5 per day in 2013.
Originality/value: Using Sri Lanka as a case in point, this paper assesses the influence culture has on entrepreneurship and explores initiatives and measures that can be used to strengthen inherent cultural values that stimulate entrepreneurial spirit, encourage risk-taking, and in turn promote economic development.
Paper type: Research paper.
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Athukorala, Prema-Chandra, and Sisira Jayasuriya. "Economic Policy Shifts in Sri Lanka: The Post-Conflict Development Challenge." Asian Economic Papers 12, no. 2 (June 2013): 1–28. http://dx.doi.org/10.1162/asep_a_00203.
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The end of the long civil war in Sri Lanka in 2009 generated widespread expectations of a peace dividend that would enable the country to embark on a period of sustained economic growth. Recent developments have dampened that optimism, however, rekindling fears that Sri Lanka's tale of missed opportunities may continue. After showing remarkable resilience during decades of war and conflict, the Sri Lankan economy has failed to capitalize on the window of opportunity presented by the end of the military conflict. In the aftermath of military victory, there has been a sharp reversal of trade liberalization and a marked shift back towards nationalist-populist state-centered economic policies, reflecting the pressures of resurgent nationalism, an unprecedented concentration of political power in a small ruling group, and the influence of some powerful vested interests. Unfortunately, a return to the failed past policies of inward-oriented development strategies offers no viable solutions for the problems confronting small, capital- and resource-poor countries in today's globalized world. Sri Lanka must change both its political practices and economic policies drastically and urgently to cope with the huge development challenges facing it in an environment of global economic turbulence.
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Jayasena, S. D. N. S., Jay Rajasekera, and Li Wenkai. "Talent Management for Enhancing the Efficiency of Human Resources in the Public Sector of Sri Lanka: A Comparative Study." Kelaniya Journal of Human Resource Management 18, no. 2 (December 31, 2023): 1–11. http://dx.doi.org/10.4038/kjhrm.v18i2.108.
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The Sri Lankan Public Sector has often been criticized for being overstaffed, inefficient and a burden to the economy. This has partly been attributed to the deficiencies in employee talents management. This study attempts to find the direction for augmenting human resource in public sector in Sri Lanka through Talent Management (TM), by benchmarking against standards from Japan, Singapore, and Norway. This study adopts a qualitative research approach. One-on-one interviews were conducted with the Executive Officers of Public Service of Sri Lanka. Also, data on TM practices in Public Sector in Japan were gathered through a questionnaire. There was also an extensive review of relevant literature on the study concept from the Public Service of Japan, Singapore and Norway, which rank top in Government Efficiency Indicator. Using the Case study approach, the data obtained was analysed by comparative analysis to compare TM policies and activities of these countries. The study revealed several drawbacks concerning TM in Public Service of Sri Lanka. Analysing various TM models of countries having high standards, the benchmark study proposes an effective Talent Management Model for the Public Sector in Sri Lanka, including Talent Gap analysis, Talent Acquisition and Augmenting, development, assessment, measurement, retention, and transition.
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Atigala, Piumi, Tharaka Maduwanthi, Vishmi Gunathilake, Sanduni Sathsarani, and Ruwan Jayathilaka. "Driving the pulse of the economy or the dilution effect: Inflation impacting economic growth." PLOS ONE 17, no. 8 (August 19, 2022): e0273379. http://dx.doi.org/10.1371/journal.pone.0273379.
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Economic growth becomes a critical component in the development of every country since it enhances living standards and other related concerns while eliminating poverty. As a developing country, Sri Lanka must place more emphasis to achieve sustainable economic growth. In addition, various factors have positive and negative impacts on economy’s growth. As such, the specific goals of any economy are to sustain long-term economic growth and low inflation. As a result, generally, high inflation is destructive for an economy and low inflation is beneficial. Therefore, it is worth investigating the impact of inflation on economic growth concerning a stable inflation level. This study examines the impact of inflation on economic growth in Sri Lanka by employing the Auto Regressive Distributed Lag model as the estimation technique. Furthermore, the findings illustrate a negative relationship between inflation and economic growth in the short run; when inflation increases by 1%, economic growth decreases by United States Dollar (USD) 3,427.94 million and long run economic growth declines by 107,263.8 million USD. Subsequently, with the current economic reality of Sri Lanka, the macroeconomic policies should be adaptable to maintain the stability of the inflation rate for a sustainable economy.
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Velayutham, Eswaran. "Does Clean Energy Reduce Environmental Pollution under the Environmental Kuznets Curve Hypothesis in Sri Lanka?" Sustainability 15, no. 14 (July 13, 2023): 10983. http://dx.doi.org/10.3390/su151410983.
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This study explores the nexus among clean energy, economic growth, urbanization, trade openness, and carbon dioxide (CO2) emissions nexus in an emerging economy, Sri Lanka. An autoregressive distributed lag (ARDL) econometric technique and different diagnostic tests are used to investigate the linkages. The pairwise Graner causality approach is applied to investigate the causality direction. The estimated results have confirmed that clean energy and urbanization reduce carbon emissions, whereas trade openness induces carbon emissions in the long run in Sri Lanka. The findings revealed the non-existence of the environmental Kuznets curve (EKC) hypothesis in Sri Lanka. In contrast, the pollution haven hypothesis (PHH) exists between trade openness and carbon dioxide emissions in Sri Lanka. Regarding causal relationships, there is bi-directional causality between clean energy and urbanization. This study reports a unidirectional causality from clean energy to CO2 emissions, economic development to carbon emissions, urbanization and trade and CO2 emissions to urbanization and trade. Based on the above findings, this study recommends some policy recommendations.
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Samantha, NPG, and Haiyun Liu. "The Effect of Foreign Direct Investment on Industrial Sector Growth: Evidence from Sri Lanka." Journal of Asian Development 4, no. 2 (August 10, 2018): 88. http://dx.doi.org/10.5296/jad.v4i2.13339.
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The development of the industrial sector stimulates economic growth and development by reducing poverty and regional disparity, increasing export income, generating quality employment, as well as developing technological capabilities and productive capacities. It has been more than four decades since removing trade-related barriers, and tax incentives liberalized the Sri Lankan economy offered to foreign investors to attract FDI and promote the industrial sector. Hence, the objective of this study is to investigate the relationship between inward FDI and industrial sector performance of Sri Lanka at the aggregate level for the period 1980-2016. We use the Auto Regressive Distributed Lag (ARDL) model to identify the long-run relationship and short-run dynamics of the selected variables. ARDL bounds test verifies the existence of co-integration among the selected variables. The study fails to find a significant relationship between FDI and industrial sector growth of Sri Lanka in the long run as well as in the short run. The attraction of vertically integrated FDI that consists with advanced technology and value-added production is one of the solutions for overcoming the issue of low technology and knowledge of Sri Lankan industrial sector. Sri Lankan FDI strategy associated with industrial sector should consider the pull and push factors related to recipient and source country respectively. To promote the industrial sector via FDI, the government policy should focus on attracting more FDI that could be channeled into those sectors that would contribute to national competitiveness.
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Malagammanage Dimuthu Piyumika Nayanarangani, Dissanayaka Mudiyanselage Shiromi Himalika Dissanayaka, and Jayaneththi Pathirannehelage Harshani Upulika Jayaneththi. "Solid wastes generation and its management in tourist destinations of Sri Lanka." Global Journal of Engineering and Technology Advances 12, no. 2 (August 30, 2022): 106–12. http://dx.doi.org/10.30574/gjeta.2022.12.2.0144.
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In the recent decade (2009-2019), the tourism industry has become a major driving force Sri Lankan economy. It accounts for 12.6 % of the country's GDP and is considered one of the significant employment generators in the service sector. However, it is an industry that generates a decent amount of solid waste, but a few research findings rely on this to verify. Hence, this review study aimed to identify, quantify, and characterize different types of waste in major tourist destinations of Sri Lanka with adopted management strategies. Solid waste generation in touristic locations is varied between 1 to 12 kg per guest per day, which mainly depend on the tourist attributes, the season of the year, and the prevailing environmental legislation of the country. The management of solid waste in tourist destinations is particularly problematic due to climatic conditions, topography, financial restraints, planning issues, changing consumption patterns, transient population, and seasonal variations in solid waste quantity and composition. Improper waste management methods, lack of essential facilities, underestimation of actual waste generation rates, and inadequate management and technical skills are the key factors attributed to the poor waste management of developing countries like Sri Lanka. Overall, the literature concludes that the proper management of solid waste would enhance the sustainable development of the tourism industry and economy of Sri Lanka.
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Naranpanawa, Athula, and Jayatilleke Bandara. "Can trade liberalisation bring benefits to the war-affected regions and create economic stability in post-war Sri Lanka?" International Journal of Social Economics 44, no. 12 (December 4, 2017): 1710–26. http://dx.doi.org/10.1108/ijse-06-2016-0169.
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Purpose There is a large body of literature on the link between trade liberalisation, growth and poverty. However, less attention has been paid to the relationship between trade and regional disparities. The purpose of this paper is to identify and quantify the regional impacts of trade liberalisation, particularly in the war-affected regions and to understand to what extent trade reforms can contribute to the post-war recovery process and long-term economic and political stability in Sri Lanka. Design/methodology/approach The authors developed a single country multi-regional computable general equilibrium (CGE) model for the Sri Lankan economy to meet the need for a detailed country study as emphasised in the recent literature. Findings Both short-run and long-run results suggest that all regions including war-affected regions in the country gain from trade liberalisation, although gains are uneven across regions. Furthermore, the results suggest that war-affected regions gain more relative to some other regions in the long run. Originality/value According to the best of the authors’ knowledge within country regional impact of trade liberalisation using a multi-regional CGE model has never been attempted for Sri Lanka. The results of this study, even though based on Sri Lankan data, will be relevant to other developing countries engulfed in internal conflicts with regional economic disparities.
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Sumanasiri, Ayoma. "Exploring Barriers to International Trade Faced by Sri Lankan Exporters to the Indian Market." Advances in Social Sciences Research Journal 8, no. 2 (February 8, 2021): 1–32. http://dx.doi.org/10.14738/assrj.82.9661.
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In recent decades, India has emerged as a major economy in the world. Although Sri Lanka is situated in close proximity to India and has entered into trade agreements with India to boost its international trade, it has still not been able to achieve the expected level of growth in exports to India. Based on the 2019 United Nations COMTRAD data, India is the third largest export destination of Sri Lanka, and the export revenue from trade with India amounted to US $ 759 million in 2019. However, the statistics in the past years indicate a drop in Sri Lankan export revenue to India from $ 767 million in 2018 to $ 759 million in 2019. In spite of different bilateral and multilateral trade agreements entered into between the two countries, Sri Lankan export performance still remains unsatisfactory. This indicates that apart from tariff reductions, certain other non-tariff barriers influence international trade performance between the two countries. Therefore, this study aims to explore barriers to Sri Lankan exporters which undermine their international trade performance in the Indian market. The study follows a qualitative research methodology and has collected data using face-to-face unstructured interviews with twenty (20) respondents representing different stakeholders engaged in the process of exporting from Sri Lanka to India. The collected data was coded and analyzed through template analysis. Findings revealed thirty-five (35) important factors which influence successful penetration into and performance in the Indian market. The results reveal that host market and home market characteristics have a greater impact on successful performance in the Indian market than product or firm characteristics.
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Moore, Mick. "Economic Liberalization versus Political Pluralism in Sri Lanka?" Modern Asian Studies 24, no. 2 (May 1990): 341–83. http://dx.doi.org/10.1017/s0026749x00010350.
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Is there a positive symbiosis between the liberal economy and the liberal polity? From the time the question became meaningful, mainstream Western social theory and doctrine has tended to give a positive answer. It has generally been possible convincingly to argue an intrinsic causal connection between the dispersal of economic (and thus political) power inherent in the competitive market economy and the pluralism which is central to all definitions of the liberal polity. At a ‘broad-brush’ level the historical evidence is supportive. There is a strong empirical association between liberal democracy and (successful) capitalist market systems. While there are a number of quite plausible arguments indicating some potential deep and long-term causal connections between capitalism/the market economy and political unfreedom, the balance of long term historical evidence appears to support orthodoxy.
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Irfan, M. I. M., and M. A. M. Fowsar. "Learning from the Chinese Model of Development and Moulding China - Sri Lanka Relations." Journal of Politics and Law 13, no. 3 (August 17, 2020): 57. http://dx.doi.org/10.5539/jpl.v13n3p57.
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The Chinese model of development is a grand global strategy for achieving the Chinese dream through existing foreign policy. China - Sri Lanka bilateral relations have proved to be of increasingly prominent regional and global significance. The paper tries to examine the state of the China - Sri Lanka economic relationship in the context of the Chinese model of development. It is a descriptive study based on secondary data gathered from various sources of information. The Chinese model of development holds much appeal to many developing countries. However, this model is facing serious challenges and has become the subject of much debate in the recent past. The China - Sri Lanka relations have existed more than two thousand years because of the Island of Sri Lanka's strategic location on the old shipping lane. Sri Lanka is still considered a vital part of the String of Pearls concept. Hence, China has turned its attention towards Sri Lanka. From the beginning of the 21st century, Sri Lanka and China ratified several agreements on bilateral issues relating to the Belt and Road Initiative and Silk Road project. The recent developments in the China - Sri Lanka relationship have led to the creation of a so-called Chinese Colony in the South Asian region, and it has triggered China - India geopolitical interests in the Indian Ocean region. This paper concludes with the argument that the Sri Lankan Government will have to be receptive and sensitive on these issues, and pay attention to controlling contamination and maintaining diplomatic relations with all for the political stability and economic prosperity of the nation.
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Hathurusingha, Chanchala, Neda Abdelhamid, and David Airehrour. "Forecasting Models Based on Data Analytics for Predicting Rice Price Volatility: A Case Study of the Sri Lankan Rice Market." Journal of Information & Knowledge Management 18, no. 01 (March 2019): 1950006. http://dx.doi.org/10.1142/s0219649219500060.
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Paddy rice is a staple food that is common among the Sri Lankan populace. However, the frequent price variation of rice has negatively impacted the Sri Lankan economy. This is due to the Sri Lankan rice market lacking the mechanisms to evaluate and predict future rice price variations, often leaving domestic traders and consumers affected by sudden price spikes. This study identifies the quantifiable economic factors that affect the sudden rice price variations and presents a viable mechanism for forecasting Domestic Rice Price (DRP). In addition, it establishes three different regression models to emphasise the relationship of DRP in Sri Lanka with three economic factors: International Rice Price (IRP), International Crude Oil Price (ICOP), and USD Exchange Rate. Further, a time series model is formulated to forecast future variations in DRP while advancing factors that have a significant, but negative, correlative impact on the DRP. The results presented in this study show that the models proposed can be used by relevant food authorities to predict sudden hikes and dips in DRP, allowing them to establish a robust price control system.
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ADIKARI, KANCHANA, and PRIYANGA DUNUSINGHE. "THE IMPACT OF COVID– 19 PANDEMIC ON APPAREL EXPORTS: EVIDENCE FROM SRI LANKA." INDIAN JOURNAL OF APPLIED ECONOMICS AND BUSINESS 5, no. 1 (2022): 181–201. http://dx.doi.org/10.47509/ijaeb.2023.v05i01.10.
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The apparel sector plays a vital role in the Sri Lankan economy as the largest net foreign exchange earner, and employment generator. During the COVID-19 pandemic, the industry’s production and exporting activities came under severe stress due to supply and demand shocks. This research aims at assessing the impact of COVID-19 on apparel exports by employing a standard Gravity equation framework on data related to 20 major destinations of Sri Lanka’s apparel exports. Data was extracted from a number of national and international data sources such as the Department of Census and Statistics of Sri Lanka and World Integrated Trade Solution. The findings indicated the triple effects of COVID-19 pandemic on apparel exports. First, the overall impact of the pandemic on the apparel industry was substantial. Second, the severity of the pandemic in the destination country had a significantly negative impact on apparel exports. However, the severity of the pandemic in Sri Lanka had no impact indicating the industry was resilient to the pandemic. In other words, the demand-side impact was greater than the supply side impact. Finally, in terms of apparel product categories women apparel exports declined drastically compared to other apparel and textile exports. With respect to other standard variables in the gravity model, partner country market size and level of development, movement in real exchange rate, economic performance of the exporting country and trade openness influence significant to apparel exports in Sri Lanka, was taken into account.
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Chandula, A. M. T., H. Dissanayake, and I. Anuradha. "Role of Gender Diversity on Corporate Social Responsibility: Evidence from a Developing Economy." International Journal of Academe and Industry Research 4, no. 1 (March 6, 2023): 24–45. http://dx.doi.org/10.53378/352971.
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While the importance of Corporate Social Responsibility (CSR) increased during the COVID-19 period, it is also imperative to increase the female representation of the board. Empirical evidence suggests inconclusiveness of the results in the country, period and methods applied. In addition, there is a dearth of studies in the world as well as developing economies. To bridge these research gaps, this study examined the impact of gender diversity on corporate social responsibility in the developing economy as Sri Lanka during the COVID-19 period. A quantitative study using a survey design was conducted with sample size of 133 companies listed at Colombo Stock Exchange using random sampling. The data analysis included descriptive analysis and correlation using Statistical Package for Social Science (SPSS) and Partial Least Squares Regression Model through SMART PLS 3.0. This study found the level of gender diversity in Sri Lanka is 10% indicating low level in the developing economy. Findings also revealed that gender diversity and legal responsibility have significant impact while economic, ethical, and philanthropic have no impact on Sri Lankan companies. Although the study is limited to listed companies and quantitative cross-sectional study, results clearly suggest an increase to the percentage of women directors on board to improve legal responsibility and further achieve sustainable goals in the economy. The findings also suggest new perspective on resource dependence theory.
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Anojan, Vickneswaran, and Litharsini Kokilan. "Public Revenue and Public Expenditure: Evidence from Sri Lanka." Journal of Accounting Research, Organization and Economics 6, no. 2 (August 31, 2023): 112–23. http://dx.doi.org/10.24815/jaroe.v6i2.31492.
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Objective –The objective of this study is to analyze the impact of public revenue on the public expenditure of Sri Lanka between 1990 and 2020.Methodology –This study utilizes quantitative and secondary data from central bank publications, making the data more reliable. Tax revenue, non-tax revenue, and total revenue are independent variables, while public expenditure is the dependent variable. Descriptive and regression analyses were performed using SPSS software.Results –Tax revenue is a significant contributor to Sri Lanka's total revenue, while non-tax revenue makes up a smaller portion. Additionally, the study reveals that Sri Lanka's total revenue is enough to cover nearly two-thirds of its total expenditure, with three-quarters of the country's expenses being for recurrent activities. Furthermore, the statistical analyses reveal that tax revenue has a significant impact on both current and capital expenditure in Sri Lanka, while non-tax revenue does not.Research Limitations/Implications – It is also observable that many non-tax revenue-generating activities in Sri Lanka have been generating significant losses for a prolonged period. As a result, policymakers must consider discontinuing such long-term loss-making non-tax revenue activities to promote the country's economy by increasing tax revenue and gross domestic production.Novelty/Originality –This study empirically deals with public revenue and expenditure with the consideration of more than thirty years of period in the Sri Lankan context.
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Kanishka and Lakmal. "THE IMPACT OF FOREIGN EXCHANGE RESERVES ON THE LIVING STANDARDS OF SRI LANKAN CITIZENS." Journal of Accountancy & Finance 10, no. 2 (December 20, 2023): 28–46. http://dx.doi.org/10.57075/jaf1022303.
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The purpose of this study is to discover and analyze the impact of foreign exchange reserves on the living standards of Sri Lankan citizens. Export income, foreign debt, foreign remittances, and foreign reserves are employed as explanatory variables concerning Sri Lanka’s current crisis condition. The most widely used indicator of a country's standard of living is its gross national income (GNI) per capita, in this study the researcher primarily focuses on the income approach determinants of foreign reserves inflow to Sri Lanka. Therefore, to measure Sri Lankan citizens' living standards, the researcher employed the gross national income (GNI) per capita. The analysis utilizes data from 2001 to 2021 from the Central Bank of Sri Lanka (CBSL), the International Monetary Fund (IMF), and the World Bank (WB). The unit-root test, correlation analysis, and regression analysis were employed to assess the time-series data. EViews version 9 statistical software was used to screen secondary quantitative data and analyze the study’s findings. The test results demonstrated that export income, foreign debt, and foreign reserves had a positive and significant effect on Sri Lankan citizens’ living standards, however, foreign remittances have no significant effect on Sri Lankan citizens’ living standards. It was a timely matter that drove the researcher to investigate how the lack of foreign reserves has an impact on the living standards of Sri Lankan citizens. This study is expected to help decision-makers manage forex reserves more efficiently and effectively, and more crucially, to raise the living standards of Sri Lankans. As a result, implementing a proper management system for foreign reserves will be a better source for employing the reserves to improve the country’s financial stability. Furthermore, the findings of this study will be helpful to the government in addressing present loopholes in the economy. This study will be a valuable source of direction for future scholars as they handle topical issues in emerging countries' economies associated with key eras. Researchers will profit from this research as well; as a result, they will be able to widen the existing empirical and theoretical review on the foreign reserves of developing countries such as Sri Lanka and their impact on citizens' living standards.
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Anusha, P., and S. Vijesandiran. "An Empirical Analysis of the Effect of Agricultural Sector Determinants on Economic Growth in Sri Lanka." Business and Economic Research 12, no. 2 (June 19, 2022): 155. http://dx.doi.org/10.5296/ber.v12i2.19823.
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The role of agriculture has been significantly emphasized in improving the living standard of the population and the economic framework of any country. Agriculture has been an important sector in Sri Lanka which contributes 7.4% to the GDP, 25.5% of the total labor force, and 20.62% to the foreign earnings and Livelihood Avenue for 2.1 million households in Sri Lanka. The contribution of agriculture sector determinants food, forestry, fishery, and livestock: to the GDP shows a declining trend during the last four decades. Therefore, this study attempts to examine the effect of these determinants on economic growth from 1987 to 2019. Secondary data was extracted from the Central Bank of Sri Lanka. The Augmented Dickey-Fuller and Phillips-Perron unit root tests confirmed that all the variables are stationary only at I(0) and I(1) and ARDL (3,4,4,3,4) model. The findings of the Auto-Regressive Distributed Lag (ARDL) bound test show that livestock has a statistically significant impact on RGDP at a 5% significant level in the long run in Sri Lanka. The Error Correction version of the ARDL test found that a short run significantly positive effect of food production, forestry, and livestock on RGDP. Thus, the Sri Lankan government should prioritize in focusing on different subsector determinants to accelerate the economic growth in Sri Lanka. Further, Sri Lanka should take favorable policy decisions to ensure a sustainable agricultural system to challenge the future crises and shocks in the food safety of the population.
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Gunawan, Yordan, and Ichwan Rizki Akbar Napitupulu. "The Influence of China’s Belt and Road Initiative of Economic Crisis in Sri Lanka." Law Review 23, no. 1 (July 25, 2023): 1. http://dx.doi.org/10.19166/lr.v23i1.6593.
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<p><span lang="ZH-CN">Sri Lanka, as a country in the South Asian region, is bordered by southeastern India and is in the southern Indian Ocean Sea region. This makes Sri Lanka a country with fast trade and maritime traffic, as well as a seaport. Bilateral connections have existed between Sri Lanka and China since the country's inception, and have been enhanced by financial and other aid supplied to the Sri Lankan government throughout the civil war against the separatist organization Liberation Tigers of Tamil Eelam (LTTE). Negotiations between Sri Lanka and China ended in 2017 with a deal for a Chinese-owned business, China Merchant Port Holdings Company Limited, to acquire almost 85% of Hambantota Port shares for 99 years. Because developed countries clearly have a more dominant role in the process of economic globalization, The research method used is normative law research with a case approach. The results show Sri Lanka's dependence on foreign investment to drive a country's economic growth. Therefore, this study aims to determine the legal arrangements governing the effects of the Belt and Road on the economic crisis in Sri Lanka from the perspective of international law and to determine the positive and negative impacts on the planned project</span><span lang="ZH-CN">.</span></p>
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Kamburawala, Tharindu Udayanga, and Dilmini Hasintha Abeyrathne. "Reforming State-Owned Enterprises (SOES) to Facilitate the Economic Recovery of Sri Lanka." HAPSc Policy Briefs Series 4, no. 2 (December 31, 2023): 129–37. http://dx.doi.org/10.12681/hapscpbs.36691.
Full textAbstract:
The economic downturn and escalating debt levels prompted Sri Lanka to seek assistance from the International Monetary Fund (IMF), resulting in the formulation of the 17th IMF program. This program, aimed at fiscal consolidation and restructuring, designates SOEs as a pivotal element in the nation's economic recovery strategy. This policy brief addresses the imperative need for reforming State-Owned Enterprises (SOEs) in Sri Lanka. A historical overview reveals the evolution of Sri Lanka's SOEs, from their establishment during World War II to a surge in numbers in the 1980s. Despite their vital role in the economy, SOEs have faced operational inefficiencies, financial struggles, and governance issues, leading to a privatization policy in 1988. The document explores international experiences in SOE reform, drawing insights from successful models in Singapore, China, and India. Current policy measures in Sri Lanka encompass various reform strategies, such as corporatization, restructuring, and commercialization, focusing on enhancing financial transparency and accountability. The establishment of the State-Owned Enterprise Restructuring Unit (SRU) reflects a commitment to effective implementation, with international support from entities like the International Finance Corporation (IFC). In conclusion, the path to economic recovery in Sri Lanka hinges on the successful transformation of SOEs, ensuring financial viability, transparency, and sustainable growth.
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Jayathilake, P. M. Bandula. "Economic Reforms and Growth Experiences: A Comparative Study of China and Sri Lanka." International Journal of Management Science and Business Administration 1, no. 5 (2015): 30–37. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.15.1003.
Full textAbstract:
China has achieved extraordinary economic growth and development in last three decades since launch of open economic policy in 1978. Sri Lanka restructured its economy in 1977 as well, with aspiration of achieving sustainable economic growth and development. However, the growth performance of Sri Lanka since the initiation of the reforms has been relatively low and falling behind on many of fronts relative to the Chinese performance indicators, whereas the initial characteristics of the two countries and reforms are mostly comparable. This paper basically aimed to investigate the factors influencing the creation of the gap in growth performance between China and Sri Lanka over the past three decades after their economic reforms. The findings show that attraction of foreign direct investment, governance related factors and approaches used in the post reforms period are more vital in driving divergence in growth performance between the two countries.
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Köpke, Sören, Sisira S. Withanachchi, Ruwan Pathiranage, Chandana R. Withanachchi, Deepika U. Gamage, Thushantha S. Nissanka, Chinthana C. Warapitiya, et al. "Human–Elephant Conflict in Sri Lanka: A Critical Review of Causal Explanations." Sustainability 13, no. 15 (August 2, 2021): 8625. http://dx.doi.org/10.3390/su13158625.
Full textAbstract:
Human–elephant conflict (HEC) is a severe and much-debated issue in Sri Lanka. An average of two hundred animals are intentionally killed, and seventy to eighty human casualties are counted each year. The Sri Lankan elephant (Elephas maximus maximus) is an endangered subspecies. The reported elephant mortality rates are high. On the other hand, human–elephant conflict also leads to hardship and trauma among rural populations. This research paper reviews causal explanations for HEC in Sri Lanka, tracing underlying narratives and connecting broader conservation theory and practical approaches. The paper discusses potential causes and contexts of HEC in Sri Lanka, including historical factors (i.e., colonial hunting and land-use changes), poaching, habitat loss due to population growth, crop-raiding behaviour, problem animals, and changes in agricultural production systems. The review concludes that socio-economic and cultural factors in HEC in Sri Lanka are poorly explained, and more research should focus on the underlying conditions of rural populations’ vulnerability.