16 April 2024 12:00 am Views - 126
Generating employment and supporting sustainable livelihoods are crucial steps in reducing poverty in Sri Lanka, the ADB said.
The Manila-based lender said this can begin by improving workforce productivity, particularly in agriculture, which employs 27 percent of the labour force but contributes little to gross domestic product.
The government must prioritise modernising agriculture by resolving the issues regarding farmland, investing to improve land productivity and promoting greater value addition and diversification in agricultural exports.
“Policies targeting structural economic transformation—by promoting investment in manufacturing and technology, digital inclusion, adoption of global best practices in industry and skill enhancement—would ensure increased job creation outside of agriculture, with high productivity and thus bolster worker earning capacity across the economy,” the ADB said.
Further, to catalyse economic expansion, development and job creation, the government should promote private sector participation through consistent policies and the regulatory, legal and institutional support necessary for private sector development.
The ADB suggested that Sri Lanka must also embrace pro-poor tourism policies by providing the necessary regulatory support and capacity building would ensure optimal transfers of benefits to local communities.