SriLanka needs effective leadership to promote prosperity, says World Bank

The World Bank Group said today that effective leadership is needed to steer Sri Lanka forward on a path that will continue its strong progress in ending poverty and promoting shared prosperity. The group offered to partner with the country to take on these challenges.

Lowest tax-to-GDP ratios, lower foreign direct investment compared to other middle-income countries, lack of skilled workers, high rates of poverty in the Northern and Eastern Provinces, ineffective governance were some of the challenges, reports Lanka Page.

World Bank has made this conclusion in its Systematic Country Diagnostics, a comprehensive assessment of constraints and drivers of progress towards the twin goals of ending poverty and boosting shared prosperity.

According to the World Bank, Sri Lanka performed very well on the Millennium Development Goals and has ended its internal armed conflict.

The island nation's growth has averaged over 6 percent per year in the past decade and poverty declined from 22.7% in 2002 to 6.1% in 2012/13.

The global lender says the country has ample opportunities to build on its success due to its enviable location for trade, relatively educated work force and remarkable natural assets.