Sri Lanka Economic Association hosts expert panel to chart path from debt default to transformative growth

A new era of economic growth for Sri Lanka took centre stage yesterday as the Sri Lanka Economic Association (SLEA), in partnership with ODI Global, leading global affairs think tank, hosted a successful book launch and expert panel discussion at the University of Colombo. 

The event, focused on the timely publication “Sri Lanka: from debt default to transformative growth”, brought together leading economists, policymakers, academics, development practitioners and university students to discuss Sri Lanka’s economic future and how the nation can move beyond recovery to achieve sustainable and inclusive economic transformation.

The book, edited by ODI Global Visiting Senior Fellow Dr. Ganeshan Wignaraja, and ODI Global’s International Economic Development Group Director Prof. Dirk Willem te Velde, features 14 essays penned by 24 prominent Sri Lankan and international experts, offering 27 actionable policy proposals to propel the nation towards a future of transformative growth. It provides a roadmap for navigating the challenges and opportunities facing Sri Lanka as it emerges from the 2022 economic crisis and looks towards a future of prosperity and stability. The nation is poised to embark on a new economic chapter with a newly elected Government led by President Dissanayake following the presidential and parliamentary elections in 2024. 

“This book is not just about theory,” said Dr. Wignaraja. “It is a practical roadmap with concrete solutions and a clear vision for how Sri Lanka can achieve lasting economic prosperity.”

University of Colombo Department of Economics professor and Sri Lanka Economic Association President Prof. Rev. W. Wimalaratana opened the event with a keynote address setting the tone for a thought-provoking discussion. A distinguished panel of experts, featuring Dr. Ganeshan Wignaraja and Prof. Dirk Willem te Velde from ODI Global, University of Colombo Emeritus Professor of Economics Dr. Sirimal Abeyratne and Lakshman Kadirgamar Institute Executive Director Ravinatha Ariyasingha, engaged in a lively discussion on key themes from the book. Central Bank of Sri Lanka Assistant Governor Dr. Chandranath Amarasekara provided a video message. The main themes discussed include:

•  Fostering cross-party consensus to ensure policy consistency and investor confidence.
•  Maintaining trade openness and combating corruption to create a fairer and more competitive market.
•  Ensuring debt sustainability and promoting fiscal responsibility for long-term stability.
•  Attracting investment and strengthening economic diplomacy to boost growth.
•  Prioritising inclusive growth through social safety nets and economic freedom to ensure that prosperity reaches all Sri Lankans.

“Sri Lanka has shown remarkable resilience in overcoming its recent economic crisis,” said Prof. te Velde. “This book, and events like today’s, are crucial for channelling that resilience into a future of sustainable and transformative growth that benefits all Sri Lankans.”

The event fostered a dynamic exchange of ideas between panellists and the audience, with discussions underscoring the critical role of young professionals and future leaders in shaping Sri Lanka’s economic trajectory. Attendees expressed their enthusiasm for the book’s insights and the opportunity to engage with leading experts on Sri Lanka’s economic development. They were particularly interested in exploring ways to apply theoretical knowledge to real-world challenges.

Professor Rev. W. Wimalaratana from the University of Colombo, who moderated the event, emphasised the importance of engaging young people in the discussion. “The future of Sri Lanka’s economy depends on the next generation of leaders. This event has empowered them to contribute to the nation’s development.”

The successful book launch and panel discussion highlighted the importance of collaboration between academia, policymakers, and the private sector in driving Sri Lanka’s economic agenda.