OBG’s view on Sri Lankan economy
View(s):Sri Lanka’s plans to transition into a high-income, knowledge-based economy through ambitious fiscal reforms, new trade deals and added-value exports are contained in a new report from the global research and consultancy firm Oxford Business Group (OBG).
The “Report: Sri Lanka 2018” tracks growth in the tradable sector as the country targets US$20 billion in export earnings by 2020, boosted by the reinstatement of EU GSP+ status which helped to improve performances in key segments such as textiles and clothing last year, the consultancy said in a media release.
While shining a spotlight on “Vision 2025”, the country’s blueprint for economic development, OBG’s publication also explores Sri Lanka’s efforts to reform the tax code and rationalise expenditure following its $1.5 billion deal with the IMF.
Sri Lanka’s rapidly growing tourism offering is another focus. OBG analyses the country’s plans to tap new markets and strengthen air routes, in line with its target of increasing visitor numbers to 4.5million by 2020, the release said adding: “Plans to modernise its important agricultural industries and improve productivity through investment in technology are also examined, alongside the steps being taken to improve the digital innovation ecosystem and nurture high-value start-ups”.
Commenting after the launch, Oliver Cornock, OBG’s editor-in-chief, said that positive developments documented in the new report included a new free trade agreement (FTA) with Singapore and a proposed FTA with China that could enable Sri Lanka to capitalise on its strategic location and support a new phase of economic progress.
The Report: Sri Lanka 2018 marks the culmination of more than 10 months of field research by a team of analysts from Oxford Business Group.