‘State of the Economy 2012: Keeping Sri Lanka on the Growth Highway’ launched

The Institute of Policy Studies (IPS) yesterday launched its flagship annual review of Sri Lanka’s economy, the ‘State of the Economy 2012: Keeping Sri Lanka on the Growth Highway,’ at its Annual National Conference.

The Chief Guest at the event was the Senior Minister for Scientific Affairs, Professor Tissa Vitarana. Delivering the opening address, Executive Director of the IPS, Dr. Saman Kelegama stated that the State of the Economy report, now in its 20th year, is “widely quoted by academics, private sector interest groups, parliamentarians, and civil society groups.”  

The report, which was conceptualised early this year, is a compilation of contributions from IPS research staff on a variety of subjects integral to the economy of the post-conflict Sri Lanka. The topics explored in the State of the Economy 2012 include Sri Lanka’s global presence, reducing inequality while aiming for rapid economic growth, optimising natural resources, stimulating innovation and maximising the human resource potential in the country.

Dr. Kelegama concluded his remarks, by presenting a copy of the State of the Economy report to Minister (Prof.) Tissa Vitarana. Vitarana then proceeded to deliver the keynote address and stated that he was pleased that the State of the Economy 2012 “gave due place to the roles that science, technology, and innovation, have to play in maintaining a sustainable economy.”

The Minister also commented on the timing of the launch in the wake of the US presidential elections. “The economy of Sri Lanka cannot be looked at in isolation, and therefore the outcome of the election is of great importance to us.”

“When President Obama was elected for his first term, one of the first orders of business was to allocate 1% of the GDP for the promotion of science and technology in schools, because he argued that the US has lost its edge over the rest of the world when it came to innovation,” Minister Vitarana continued.

“I believe in Sri Lanka, we need to follow suit if we’re not to be left behind,” he added.

Minister Vitarana also commended the IPS for producing a report that “looked beyond the surface,” and that “looked at issues that most indicators, such as the GDP, do not reflect.”

He suggested that reports such as this, that are impartial and do not attempt to look at the economy with “rose-coloured glasses,” are vital “for the genuine growth and development of our economy.”

In his closing remarks, Minister Vitarana stated that he would like to see the economic impacts of nanotechnology analysed in future State of the Economy reports. He added that the Sri Lanka Institute of Nanotechnology (SLINTEC), which was set up under his purview, will play a vital role in developing new technologies that will add value to Sri Lanka’s primary exports and raw materials.

A key feature of the report this year is the launch of the State of the Economy e-book. The e-book will contain concise versions of the chapters highlighting the key messages, and primary visual aids. This book is available for download on the IPS website, www.ips.lk , free of charge.

The complete State of the Economy report can be purchased from the publications section of the IPS, located at 100/2, Independence Avenue, Colombo 7. For more information, contact the Publications Unit on 0112143100.