Sri Lanka must do away with outdated economic system to progress

As Sri Lanka has still far to go in coming out of the economic crisis that crippled the island nation, President Ranil Wickremesinghe asserted that efforts must be taken to do away with the outdated economic system the country operates in.
Pointing out the current system is incapable of propelling the country forward, Wickremesinghe asserted it is imperative to move beyond this to achieve sustainable progress.
By end-2024, Sri Lanka aims to elevate the national income to 12 percent of GDP and by 2026, to increase it further to 15 percent
“To achieve this, income must be generated from the existing economy, necessitating economic development. The pressing question today is how to facilitate this economic growth. The reliance on daily loans led to the collapse of the country’s economy,” said Wickremesinghe.
He shared his comments while addressing the Sri Lanka Customs Department, at the International Customs Day celebrations yesterday.

While businesses and citizens are witnessing some form of relief in comparison to the mounting pressures faced in 2021, the rising cost of living, with low disposable income, is still very much felt. To come out of this situation, economic development is key, Wickremesinghe said.
“It is a wish that the economic damage of 2022 could be swiftly undone but the reality is that we need to transition to a new economy.
To stimulate economic growth, we must focus on a competitive market, bolster exports and increase foreign exchange reserves,” said Wickremesinghe.
He went on to state that it is imperative to carefully consider the future trajectory of the nation’s economy through open discussions. For this, he said political parties should engage in thorough deliberations, articulating strategic steps to address the challenges faced in the country. 

“Achieving solutions demands thoughtful discourse and a united commitment to charting a realistic economic path forward. Our emphasis should be on comprehensive discussions, steering away from impractical endeavours—symbolised by the metaphorical notion of bringing rice from the moon. 
Continuous evaluation and when needed, adaptation of existing programmes should be integral to our on-going conversation and collective dedication to progress,” he said.