Consecutive quarters of negative growth impacted labour market and education sector: IPS
View(s):Sri Lanka’s six consecutive quarters of negative economic growth, up to the third quarter of 2023, have severely impacted both the labour market and education sector, research by the Institute of Policy Studies (IPS) revealed.
The IPS launched its annual flagship publication ‘Sri Lanka: State of the Economy 2024’ recently.
The downturn led to lower wages, discouraged workforce participation, and hindered skill development, which has trapped the country in a cycle of low productivity, IPS said.
Between 2018 and 2023, the labour force participation rate dropped from 51.8 percent to 48.6 percent, reflecting disengagement from the workforce. Disruptions in education, especially during the pandemic, have contributed to rising inactivity among youth, with only 7.5 percent in vocational training and 11.4 percent pursuing university education.
Declining high-skilled employment and inconsistent education policies have further hindered productivity, with only the ICT sector maintaining strong output per worker.
Addressing these challenges through targeted investments in education, skills development, and policy reforms will be essential for Sri Lanka’s long-term economic recovery, IPS said.
(NA)
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