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Economy resilient despite adversity

That the West is up against a deep recession is today common knowledge. A couple of days back, a news analysis published by us revealed that the US is experiencing a dramatic economic down turn - the worst in the past 10 years.

The spill over effects of this 'winter of discontent' are bound to be felt in the rest of the world because the US is widely considered the economic power house of the globe.

We in Sri Lanka would be credulous in the extreme to expect to be untouched by these reverses. For instance, shrinking consumer and job markets in the West are bound to adversely affect our export earnings.

However, what is noteworthy about Sri Lanka is that it has -slowly but surely - pulled itself out of the poorest of poor countries category over the past seven years and elevated itself to the position of a middle-income country. All this in spite of the sweeping economic reverses that have swept most other countries in South and South-East Asia.

For instance, Sri Lanka was one of the very few countries in the region to be only marginally affected by the South East Asian currency crisis, which has reduced the " Leaping Tigers " of yesteryear into docile kittens of South East Asia.

Prudent fiscal management and an ability to keep the basic essentials of the welfare system going, among other factors, have enabled Sri Lanka to ride many of these economic storms, although a long. Hard battle for economic improvement remains to be waged.

The Government, however, is continuing to act with a strong sense of priorities and this is bound to steady the economy in the days ahead. As we write, the principal campus of the Sri Lanka Institute of Information Technology - a brainchild of President Kumaratunga - is being established in Malabe. This campus is expected to produce 1200 IT professionals by year 2002.

The setting up of the SLIIT, points to the broad vision the State is entertaining about a technologically - proficient and advanced Sri Lanka which will be fully equipped to deal with the challenges. Information Technology is bound to pose in the present century.

Closely allied to this move are revolutionary changes in the school curricular, which provide for IT education and the advanced teaching of English.

The social conscience of the Government is reflected in measures aimed at constructing habitable dwellings for the poor. No longer have the poor to wilt and die in mud flats and slums. Today they are given the choice of living in comfortable condominiums - the Sahasa condominium being one of these.

While the Samurdhi Scheme continues to look after the poorest of the poor, one of the first indications that upward social mobility is on an upswing now is the fact that the customer base of Sri Lanka Telecom has increased three fold between 1995 and 2000.

Posted services have also been upgraded at a cost of Rs, 3.58 billion.

We are also regaled by the good news that moves are afoot to upgrade Colombo to the position of the Paradise City of Asia by the year 2010. While reflecting a deep concern to upgrade urban amenities, this project is proof that the State is balancing utility with beauty.

• Editorial of  The Observer - Waging war, talking peace 29.11.2001:

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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