|
Perspective
A time for reflection
Geoff Wijesinghe
As another year ends, it is wise to reflect on the year that was. The
year 2008 has been very eventful.
It has had it ups and downs, achievements and upheavals.
Economically, it has been a year of sharp downturns, more than
upturns due to various unavoidable circumstances.
Oil prices reached an all time high of US dollars 147 a barrel in
July and five months later, in December, has nosedived to US dollars 42
a barrel.
The prices of commodities in import, export trade reached all-time
highs due to the unprecedented oil price hike, but have now reached
all-time lows.
World trade today could best be described as highly volatile with
even the most expert economists able only to give their opinions and put
forward theories, but no concrete solution to the recession which has
enveloped the entire globe.
However, I read a news report the other day which is very
significant.
It stated that Nepal, which nestles between India and China, although
it has 80 per cent poverty, is the least affected by the current global
financial crisis.
The reason given for this is that Nepal has an agricultural economy
and the country is self-sufficient in food. This is quite true, for if
we are to take the current crisis in its entirety, it could well be seen
that the smaller countries with a strong agricultural-base, are the
least affected.
Sri Lanka is one of them.
However, the open economy introduced in 1977, while going hell for
leather on foreign funded industrialization, in its efforts to make this
country an industrial hub for the region, failed in nurturing and caring
for the agricultural sector.
This government, right from the beginning through its 'Mahinda
Chinthana', has very correctly assessed the situation and is currently
engaged in a massive agricultural development, with a view to providing
all the facilities and incentives for increased production to even the
small rice and vegetable farmer.
This country has a very fertile soil, and it is commonly accepted
that if one is to throw a seed, soon a plant will grow.
Sri Lanka was the granary of the East in ancient times.
It is heartening to note that the private sector is playing an
increasingly important role, not only in the production and export of
tea, coconut and rubber, but in other areas of agriculture as well.
All these augurs well for the New Year and beyond. |
