Govt follows new market model

Disna MUDALIGE

The Government follows a new market model called bird cage economy rather than depending on free market model which is outdated and discarded by emerging powers in the world, International Economic Cooperation Senior Minister Dr Sarath Amunugama said. He was addressing a ceremony to launch the 20th anniversary issue of the Human Development Report titled “The Real Wealth of Nations. Pathways to Human Development” at the Lakshman Kadirgamar Institute for International Relations and Strategic Studies yesterday.

He said that the Government’s concept is that it should play a proactive role in economic affairs without merely leaving everything to be decided by market forces. “This is the new model that is being accepted by countries such as China and Vietnam. Today the world is moving towards this method by relinquishing of free market model which was upheld by some Western countries after witnessing its dire results,” he said.

The Senior Minister also noted that under this new model it is accepted that there should be a close coordination between the State and Market objectives. United Nations Development Program Country Director Douglas Keh also spoke.